Mortgage loan – Kenke Pelicula http://kenkepelicula.com/ Thu, 22 Sep 2022 08:16:58 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kenkepelicula.com/wp-content/uploads/2021/10/kenke.png Mortgage loan – Kenke Pelicula http://kenkepelicula.com/ 32 32 Whalen Joins Fulton Savings Bank as Mortgage Originator | Company https://kenkepelicula.com/whalen-joins-fulton-savings-bank-as-mortgage-originator-company/ Tue, 20 Sep 2022 11:00:00 +0000 https://kenkepelicula.com/whalen-joins-fulton-savings-bank-as-mortgage-originator-company/ FULTON — Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, Julie Mazzoli, senior vice president/loan compliance and CRA officer, announced. “We are thrilled to have Jennifer join our mortgage team,” said Mazzoli. Whalen brings with her more than eight years of experience serving Central New York customers, in roles ranging from teller […]]]>

FULTON — Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, Julie Mazzoli, senior vice president/loan compliance and CRA officer, announced.

“We are thrilled to have Jennifer join our mortgage team,” said Mazzoli. Whalen brings with her more than eight years of experience serving Central New York customers, in roles ranging from teller to residential mortgage underwriter, and she also worked during those years as a customer service representative. clientele and loan processor on first and second mortgages.

As an Amazon Associate, I earn from qualifying purchases.

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Aldermore announces £0.1bn drop in retail mortgage balances https://kenkepelicula.com/aldermore-announces-0-1bn-drop-in-retail-mortgage-balances/ Thu, 15 Sep 2022 15:45:25 +0000 https://kenkepelicula.com/aldermore-announces-0-1bn-drop-in-retail-mortgage-balances/ However, growth returned in the second half of the year, with net lending rising by £0.1bn as repayment levels fell. There was growth of 7% in net owner-occupied lending to £2.3bn, with borrowings rising to £0.6bn as proceeds were temporarily withdrawn to manage the appetite for risk and operational capacity during the pandemic having been […]]]>

However, growth returned in the second half of the year, with net lending rising by £0.1bn as repayment levels fell.

There was growth of 7% in net owner-occupied lending to £2.3bn, with borrowings rising to £0.6bn as proceeds were temporarily withdrawn to manage the appetite for risk and operational capacity during the pandemic having been relaunched in the market.

The majority of the growth was in higher LTV products, offered to customers through better underwriting and risk-based pricing.

The growth in owner occupancy was offset by a reduction in the BTL portfolio, which fell 5% on the year to £4.9bn, largely reflecting the expected maturity of a fixed portfolio five years combined with high levels of market competition.

However, originations increased by 43% to £0.5bn as the group launched a number of limited edition products during the year and loyalty product changes hit an all time high never before reached at £0.8bn, following investment in the Loyalty team and proposal in 2021.

The housing market is expected to slow this fiscal year as rising interest rates and high inflation squeeze household incomes.

House prices have remained resilient to date, supported by limited supply and supportive fiscal policy. However, Aldermore says he now expects “a modest decline in house prices over the next 12 months”.

Aldermore says the development of new owner-occupied proposals and higher activity levels in BTL could offset this pressure, especially as landlords seek to take advantage of strong tenant demand and higher rental prices. .

It was also reported that net lending increased by £1.3bn to £14.7bn in its annual results to June 30.

The group achieved a 30% growth in pre-tax profit from £157.8m to £204.7m. The bank now supports a record 750,000 customers, which it says has helped drive 10% net loan growth with improved margins and a stable cost of risk.

Aldermore Group Chief Executive, Steven Cooper, said: “It has been a positive year for Aldermore, with significant net loan and profit growth resulting in good performance, despite a challenging economic environment. “.

“We are pleased to see a strong increase in lending to first-time homeowners as we continue to help more people realize their dreams of home ownership.”

“We understand that the cost of living crisis has put real pressure on individuals, their families and their businesses in recent months. Our strong profitability and capital position means we are there to support those who face challenges. »

Cooper says the group has “recently embarked on a strategic overhaul of our business”, which he says will provide an “opportunity for growth and better returns”.

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Mortgage delinquency rate improves in 2Q https://kenkepelicula.com/mortgage-delinquency-rate-improves-in-2q/ Mon, 12 Sep 2022 15:46:00 +0000 https://kenkepelicula.com/mortgage-delinquency-rate-improves-in-2q/ While mortgage applications submitted during the first quarter had fewer critical defects compared to the previous quarter and year, employment and income verification issues remain an issue, according to Aces Quality Management. The critical default rate in the first quarter was 1.93%, down 2 basis points from the 1.95% of the fourth quarter and 8 […]]]>

While mortgage applications submitted during the first quarter had fewer critical defects compared to the previous quarter and year, employment and income verification issues remain an issue, according to Aces Quality Management.

The critical default rate in the first quarter was 1.93%, down 2 basis points from the 1.95% of the fourth quarter and 8 basis points below 2.01% in the first quarter 2021.

Critical defaults are an indicator, but not a definitive sign, of mortgage fraud.

Ironically, fewer defaults have been a benefit of lower mortgage application activity resulting from higher interest rates. But at the same time, as lenders seek to Boost originations with promotionsit exacerbates other problems, including income and employment.

“Lenders are finding this area difficult to rectify, and with staff changes and new products coming online, it’s more important than ever that quality control managers get granular results and feedback to their production group” , Aces Executive Vice President Nick Volpe said in a press release. “Furthermore, as lenders expand the credit box to win the battle for volume, they must be careful not to stretch too far and further aggravate defaults in this category.”

Aces uses Fannie Mae’s Mortgage Default Taxonomy to categorize its findings from post-closing reviews.

In the first quarter, income and employment issues accounted for 34.27% of all defaults, compared to 26.63% in the fourth quarter and 31.44% a year ago.

Additionally, of the three other categories that Aces considers “core,” asset-related defaults was the only one whose share declined quarter over quarter, from 16.08% to 11.89%. .

Credit increased from 9.05% to 11.89% over the same period, while defaults attributed to liabilities increased from 10.05% to 12.59%.

But even with the increase in those three main categories, it wasn’t all “pessimistic” about the overall picture of critical defects, Volpe said.

“Of the top 11 Aces loan default categories, five showed considerable improvement over last quarter, and none more so than the documentation category, which fell 37%, from 14.57% to 9, 09,” he said.

Separately, one out of 131 mortgage applications, or 0.76%, submitted in the second quarter had indicators of mortgage fraud, according to a CoreLogic report.

This compares to one in 120 applications, or 0.83%, submitted one year before.

The CoreLogic Mortgage Application Fraud Risk Index was lower at the end of the second quarter compared to a year earlier. However, part of the decline was attributed to CoreLogic’s recalibration of its ratings model in the first quarter.

As purchase loans now predominate in the market, income and property fraud risks posted the largest year-over-year increases in the second quarter, up 27.3 % and 22.6% respectively.

“The risk of income fraud remains a major concern for lenders, but there is a growing focus on property value risk as house prices slow growth and homes take longer to sell. sell,” Bridget Berg, director of CoreLogic, Industry & Fraud Solutions, said in a press release.

Identity fraud risk increased 4.7% year-over-year, while transactional fraud risk increased 1.6% and housing fraud the risk only increased by 0.8%. In contrast, the risk of fraud related to undisclosed real estate debt decreased by 12%.

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Samantha Olson promoted to mortgage loan officer https://kenkepelicula.com/samantha-olson-promoted-to-mortgage-loan-officer/ Thu, 08 Sep 2022 14:13:55 +0000 https://kenkepelicula.com/samantha-olson-promoted-to-mortgage-loan-officer/ SHAWANO, WI – AbbyBank has announced the promotion of Samantha Olson to Head of Mortgages at the Shawano site. Samantha will serve customers of the Gresham and Shawano site by helping them finance their home or helping them apply for a home equity line of credit. Samantha joined AbbyBank in 2009 and worked as […]]]>

SHAWANO, WI – AbbyBank has announced the promotion of Samantha Olson to Head of Mortgages at the Shawano site. Samantha will serve customers of the Gresham and Shawano site by helping them finance their home or helping them apply for a home equity line of credit.

Samantha joined AbbyBank in 2009 and worked as a teller, personal banker, branch operations supervisor and retail market manager before becoming a mortgage loan officer. She has a creative and thoughtful approach to banking and has the ability to drive positive results for her clients. She is a member of the Shawano Area Early Childhood Partnership (SAECP). She also volunteers at various AbbyBank sponsored events where she always flaunts her contagious, contagious smile.
When Samantha isn’t working, you’ll find her camping, fishing, and spending time with her family. She is extremely excited to start helping her clients celebrate their most memorable moments in their new home.
“Samantha’s positive attitude and excellent customer service skills will make her transition into mortgages invaluable to our customers and the bank.” says Dave Klein, Vice President/Director of Mortgage Services at AbbyBank.

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Whalen Joins Fulton Savings Bank as Mortgage Originator – Oswego County Today https://kenkepelicula.com/whalen-joins-fulton-savings-bank-as-mortgage-originator-oswego-county-today/ Tue, 06 Sep 2022 14:10:07 +0000 https://kenkepelicula.com/whalen-joins-fulton-savings-bank-as-mortgage-originator-oswego-county-today/ Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, announced Julie Mazzoli, senior vice president of Fulton Savings Bank. FULTON — Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, as announced by Julie Mazzoli, senior vice president/loan compliance and CRA officer. “We are thrilled to have Jennifer join our mortgage […]]]>
Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, announced Julie Mazzoli, senior vice president of Fulton Savings Bank.

FULTON — Jennifer Whalen has joined Fulton Savings Bank as a mortgage originator, as announced by Julie Mazzoli, senior vice president/loan compliance and CRA officer.

“We are thrilled to have Jennifer join our mortgage team,” said Mazzoli.

Whalen brings with her more than eight years of experience serving Central New York customers, in roles ranging from teller to residential mortgage underwriter, and she also worked during those years as a customer service representative. clientele and loan processor on first and second mortgages.

Whalen earned an AAS degree in Criminal Justice from Cayuga Community College and she resides in Hannibal with her husband, Nick and their two children, Braelynn and Caleb.

Fulton Savings Bank offers a variety of home loans, mortgages, and other lending programs, including construction and renovation, fixed rate, FHA, USDA, investment, home equity line of credit (HELOC) and fixed rate home equity loans.

“Local decisions keep our loan programs simple and straightforward, and our employees are always available to help,” Mazzoli said.

Fulton Savings Bank has offices in Fulton, Baldwinsville, Phoenix, Central Square, Brewerton and Constantia with 11 automated teller machines (ATMs) throughout its service area and assets totaling over $456 million; deposits totaling over $317 million.

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Mortgage size drops 9% to £136,000: Mortgage Broker Tools https://kenkepelicula.com/mortgage-size-drops-9-to-136000-mortgage-broker-tools/ Thu, 01 Sep 2022 07:00:00 +0000 https://kenkepelicula.com/mortgage-size-drops-9-to-136000-mortgage-broker-tools/ Mortgage affordability has fallen to its lowest level in 2022, according to Mortgage Broker Tools. The broker research platform’s latest Affordability Index shows the minimum average loan size offered by mortgage lenders fell to just over £136,000 in July, from £150,000 in January, a decrease of 9.3%. The maximum average loan offered also slipped to […]]]>

Mortgage affordability has fallen to its lowest level in 2022, according to Mortgage Broker Tools.

The broker research platform’s latest Affordability Index shows the minimum average loan size offered by mortgage lenders fell to just over £136,000 in July, from £150,000 in January, a decrease of 9.3%.

The maximum average loan offered also slipped to £270,000 in July, from just over £274,000 in June.

The platform adds that its Analysis of different customer profiles shows that the number of affordable lenders able to offer mortgages to customers who want a high income loan has increased from 27 to 22 “in just a few weeks”.

He says this indicateare “that mortgage lenders tighten their appetite for lending to customers who want to borrow higher income multiples.”

The data comes as tThe current average cost of a house rose 7.8% to £286,397 in the year to June, according to the latest Halifax house price data released last month.

House prices have soared this year even though the Bank of England raised interest rates by 50 basis points to 1.75% last month, its largest increase since 1995, which took the base rate to a new 40-year high. This is the sixth rate hike since last December.

The central bank’s move comes as it battles rising inflation, which stood at 9.4% in June, and BoE forecasts will rise to 13% by the end of the month. year.

Mortgage Broker Tools general director Tanya Toumadj said“Having seen house prices rise sharply, in addition to seeing the onset of an acute cost of living crisis, it is perhaps unsurprising that affordability is taking a hit.

However, all of these factors are also likely to have a ripple effect, with potential buyers finding it difficult to afford to enter the property. market, easing the strong pressure created by recent surges in demand.

Market experts predict house prices will fall over the next two years, with Capital Economics suggesting up to 12% decline in London, and some reports of falling valuations are already emerging as a result.

“However, conflicting reports indicate that a slowdown in the housing market will further reduce supply, which will help support prices.”

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USDA Mortgage Calculator – Forbes Advisor https://kenkepelicula.com/usda-mortgage-calculator-forbes-advisor/ Tue, 30 Aug 2022 15:23:05 +0000 https://kenkepelicula.com/usda-mortgage-calculator-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. The United States Department of Agriculture (USDA) supports homeownership opportunities for low- and middle-income Americans through several loan, grant, and loan guarantee programs. For qualified borrowers, USDA loans are issued directly through […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

The United States Department of Agriculture (USDA) supports homeownership opportunities for low- and middle-income Americans through several loan, grant, and loan guarantee programs. For qualified borrowers, USDA loans are issued directly through USDA Rural Development or an approved lender.

Use this calculator to estimate what your monthly payment might be for a USDA mortgage.

How to Use the USDA Mortgage Calculator

To use this calculator, you will need to enter values ​​for some basic information, including the estimated price of your home, down payment, loan term (in years), and interest rate.

USDA loans don’t usually require a down payment, but you can enter an amount to see how much lower your monthly payments could be if you chose to put money aside.

What costs are included in a USDA mortgage?

As with any other mortgage, there are costs associated with obtaining a USDA loan, although some are included in your monthly mortgage payments.

  1. Director: This is the amount of money you borrow from the USDA or an approved lender to buy a home.
  2. Interest: The additional cost of the loan, which you pay as part of your monthly loan repayments. Over time, with interest, you will owe more than the original amount of capital you subscribed.
  3. USDA Guarantee Fee: The USDA requires lenders to pay a non-refundable guarantee fee upfront, which is generally passed on to the borrower. The fee will not exceed 3.5% of the principal loan amount.
  4. Property taxes: Property taxes are taxes levied by your local government based on the value of your home. They are usually collected as part of your monthly mortgage payment and then paid to the relevant authority through your escrow account.
  5. Home insurance: A home insurance policy covers loss and damage to your home. You’ll need to get one to show the lender that your property (and its investment) is protected if something unexpected happens, like a fire.

To note: You do not need to obtain private mortgage insurance (PMI) with a USDA loan. Instead, you pay a 1% upfront fee or roll it into your monthly mortgage payment. Your monthly mortgage payment will also include a small annual USDA commission of 0.35%.

How to Qualify for a USDA Loan

Here are some of the requirements you must meet to qualify for a USDA loan:

Property type

You must live or plan to live in an eligible rural area to qualify for a USDA loan. Additionally, if you are applying for a direct USDA loan, the home you wish to purchase must:

Revenue

Income limits for USDA loans vary by program and location. For secured loans, your income cannot exceed 115% of the median income in your area. Income caps for direct-issue loans are much lower, as low as 50% of median income in some areas.

Debt-to-income ratio (DTI)

To qualify for a USDA loan, your total debt-to-income ratio (DTI) must not exceed 41%. In addition, your monthly housing-related expenses (mortgage payments, taxes, etc.) cannot exceed 29% of your income.

Credit score

The USDA does not impose a minimum credit score, but the agency requires that a potential borrower:

  • Being without decent, safe and healthy housing
  • Not being able to obtain a mortgage from other sources on terms reasonably likely to meet
  • Have the legal capacity to enter into a loan obligation
  • Meet citizenship or non-citizenship requirements
  • Be able to participate in federal programs

Most lenders will have minimum credit requirements for any mortgage products they offer, so check with your lender to see if you meet their threshold.

Is a USDA mortgage right for me?

A USDA loan is intended to help low and very low income borrowers get a foot on the home ownership ladder, especially those who have no other way to afford a home. If you fall into this category, a USDA loan might be right for you.

However, if you are not eligible, for example if the home you want does not meet USDA requirements, then you will need to explore other affordable loan options. Additionally, the no-down payment nature of a USDA loan also means that it will take you longer to repay the loan.

USDA loan vs. conventional mortgages

One of the main advantages of a USDA loan is a lower interest rate than a conventional mortgage. USDA loans are also available for borrowers whose credit scores are too low to qualify for a conventional mortgage.

Frequently Asked Questions (FAQs)

USDA loans are issued or guaranteed by the Department of Agriculture under its rural development program. The objective is to promote home ownership in rural areas by offering very affordable mortgages to low-income borrowers.

Where can I get a USDA loan?

If you meet the income limits, you can apply for a loan directly from the USDA, otherwise you can work with a USDA approved financial institution. Forbes Advisor has compiled a list of best USDA mortgage lenders that offer competitive interest rates, low APRs, discounts and more.

What are the interest rates for a USDA loan?

As of August 1, 2022, USDA loan interest rates range from 3.25% to 6%, depending on your lender, credit, and other qualifying factors. However, interest rates can be as low as 1% when modified by payment assistance, according to the USDA.

Why Get a USDA Mortgage?

If you live in a rural area, have a low income, or don’t have enough money for a down payment, the best way to get a mortgage is to apply for a USDA loan. Because these loans are federally insured, the lender is willing to offer you more favorable loan terms. The low interest rate, along with the absence of PMI, means that your monthly payments will be much more affordable compared to a conventional mortgage.


]]> Mortgage officer charged in $10 million mortgage fraud scheme – NMP https://kenkepelicula.com/mortgage-officer-charged-in-10-million-mortgage-fraud-scheme-nmp/ Mon, 29 Aug 2022 14:39:59 +0000 https://kenkepelicula.com/mortgage-officer-charged-in-10-million-mortgage-fraud-scheme-nmp/ A federal grand jury returned an indictment against a mortgage loan officer and two real estate agents, charging them with bank fraud and conspiracy to commit bank fraud. Phillip A. Talbert, U.S. Attorney for Eastern California, announced the indictments of German Antonio Lopez-Velasquez, 55, of Modesto, Calif.; Marko Antonio Lopez, 27, of Modesto, Calif.; and […]]]>

A federal grand jury returned an indictment against a mortgage loan officer and two real estate agents, charging them with bank fraud and conspiracy to commit bank fraud.

Phillip A. Talbert, U.S. Attorney for Eastern California, announced the indictments of German Antonio Lopez-Velasquez, 55, of Modesto, Calif.; Marko Antonio Lopez, 27, of Modesto, Calif.; and Lisa Marie Santos, 48, of Long Beach, Calif. The trio face up to three decades in prison and a $1 million fine if convicted.

According to court documents, Lopez-Velasquez and Lopez, who were both realtors, worked with Santos, a mortgage loan officer, to obtain fraudulent mortgages for properties based in Stanislaus County, San Joaquin, Santa Clara County and elsewhere. The three used false documents, fictitious companies and fictitious individuals to obtain mortgages for borrowers who were not qualified to receive loans, according to the indictment. In total, defendants pushed lenders to issue at least 30 loans based on false information with a total loan principal balance exceeding $10 million, he said.

Lopez-Velasquez was also charged with witness tampering. The indictment alleges he attempted to persuade an individual to make false statements to law enforcement regarding a mortgage loan under investigation.

The indictment says Santos has been a mortgage loan officer since at least 2003 and has held managerial and supervisory positions. The fraud covered a period from at least August 2016 to August 2019.

The mortgage companies involved, according to the indictment, included Caliber Home Loans, Nations Direct, Flagstar Bank, Bay Equity and Franklin Advantage.

If convicted, the defendants face a maximum statutory sentence of 30 years in prison and a fine of $1 million for bank fraud and conspiracy to commit bank fraud. If convicted, Lopez-Velasquez faces a maximum legal sentence of 20 years in prison and a $250,000 fine for witness tampering.

This case is the product of an investigation by the Federal Housing Finance Agency – Office of Inspector General (FHFA-OIG), the US Department of Housing and Urban Development – Office of Inspector General (HUD-OIG), and the US Postal Inspection Service. (USPIS).

“The FHFA-OIG is committed to holding accountable those who waste, steal, or abuse the resources of FHFA-regulated government-sponsored businesses, which the defendants have been accused of defrauding,” said Jay Johnson, agent special in charge of the FHFA. -OIG, Western Regional Office.

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Mortgage Agent and Estate Agents Charged with Mortgage Fraud Scheme in Central Valley | USAO-EDCA https://kenkepelicula.com/mortgage-agent-and-estate-agents-charged-with-mortgage-fraud-scheme-in-central-valley-usao-edca/ Thu, 25 Aug 2022 23:08:17 +0000 https://kenkepelicula.com/mortgage-agent-and-estate-agents-charged-with-mortgage-fraud-scheme-in-central-valley-usao-edca/ FRESNO, Calif. — A federal grand jury has returned an indictment against German Antonio Lopez-Velasquez, 55, of Modesto; Marko Antonio Lopez, 27, of Modesto; and Lisa Marie Santos, 48, of Long Beach, charging them with bank fraud and conspiracy to commit bank fraud, U.S. Attorney Phillip A. Talbert said. Lopez-Velasquez was also charged with witness […]]]>

FRESNO, Calif. — A federal grand jury has returned an indictment against German Antonio Lopez-Velasquez, 55, of Modesto; Marko Antonio Lopez, 27, of Modesto; and Lisa Marie Santos, 48, of Long Beach, charging them with bank fraud and conspiracy to commit bank fraud, U.S. Attorney Phillip A. Talbert said.

Lopez-Velasquez was also charged with witness tampering. He allegedly tried to persuade an individual to make false statements to law enforcement regarding a mortgage loan under investigation.

According to court documents, Lopez-Velasquez and Lopez, who were both realtors, worked with Santos, a mortgage loan officer, to obtain fraudulent mortgages for properties based in Stanislaus County, San Joaquin, Santa Clara County and elsewhere. The three used false documents, fictitious companies and fictitious individuals to obtain mortgage loans for borrowers who were not qualified to receive loans. In total, defendants caused lenders to issue at least 30 loans based on false information with a total loan principal balance exceeding $10 million.

This case is the product of an investigation by the Federal Housing Finance Agency – Office of Inspector General (FHFA-OIG), the US Department of Housing and Urban Development – Office of Inspector General (HUD-OIG), and the US Postal Inspection Service. (USPI). Assistant U.S. Attorney Jeffrey A. Spivak is prosecuting the case.

“The FHFA-OIG is committed to holding accountable those who waste, steal, or abuse the resources of FHFA-regulated government-sponsored businesses, which the defendants have been accused of defrauding,” said Jay Johnson, agent special in charge of the FHFA. -OIG, Western Regional Office. “We are proud to have worked with the U.S. Attorney’s Office and our law enforcement partners on this case and to demonstrate, once again, that the FHFA-OIG will investigate and hold accountable those who seek to victimize government-sponsored businesses overseen and regulated by FHFA.

“This case demonstrates HUD OIG’s commitment to prosecuting and bringing to justice those who endanger federal programs, such as the FHA Mortgage Insurance Fund, for their own enrichment,” said Special Agent in Charge Mark T. Kaminsky from the HUD OIG Office of Investigation. “HUD OIG remains committed to working with our law enforcement partners and the U.S. Attorney’s Office for the Eastern District of California to investigate and hold accountable those who commit mortgage fraud in Central California.”

If convicted, the defendants face a maximum statutory sentence of 30 years in prison and a fine of $1 million for bank fraud and conspiracy to commit bank fraud. If convicted, Lopez-Velasquez faces a maximum legal sentence of 20 years in prison and a $250,000 fine for witness tampering. Any sentence, however, would be determined at the discretion of the court after considering all applicable statutory factors and the Federal Sentencing Guidelines, which consider a number of variables. Accusations are only allegations; defendants are presumed innocent until and unless their guilt is proven beyond a reasonable doubt.

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Refinance your mortgage with PropertyGuru for better savings https://kenkepelicula.com/refinance-your-mortgage-with-propertyguru-for-better-savings/ Mon, 22 Aug 2022 01:05:49 +0000 https://kenkepelicula.com/refinance-your-mortgage-with-propertyguru-for-better-savings/ If you’ve taken out a home loan in the past 2-3 years, you may be benefiting from lower interest charges on your mortgage due to the Lower interest rates in the United States as part of a quantitative easing program to mitigate the economic fall caused by the pandemic. But in May 2022, the US […]]]>

If you’ve taken out a home loan in the past 2-3 years, you may be benefiting from lower interest charges on your mortgage due to the Lower interest rates in the United States as part of a quantitative easing program to mitigate the economic fall caused by the pandemic.

But in May 2022, the US Federal Reserve reversed its stance and introduced rate hikes to slow rising inflation, which impacted countries around the world, including Singapore.

Singapore mortgage rates have climbed in recent weeks; in a scenario of rising home ownership costs, the subject of refinancing is even more critical.

In this article, we provide you with a one-stop guide to refinancing in 2022 and how you can get the best possible refinance solution for yourself.

Why do people usually refinance?

Typically, there are several reasons why people would refinance their loans:

  • To lower the interest rate of your loan
  • To reduce your monthly repayment for unforeseen situations
  • To lock in your current interest rates
  • To increase the monthly payment so that your loan can be paid off more quickly

In a nutshell, people generally refinance for two reasons; to accommodate changing circumstances or to avoid additional charges that may arise if you do nothing after your plan ends.

What might stop people from refinancing?

The simple answer is that it can get inconvenient and time-consuming, which can lead to decision inertia. When you do a home mortgage refinance, you need to do extensive research with different sources to make sure you get the best rates possible.

You will have to go to different banks, offline or online, to read their product information carefully.

There are also hidden pitfalls to consider, such as administrative and processing fees, and factors such as how long you’ll keep your home before selling can affect your savings.

Needless to say, it’s not as simple as getting a loan with a lower interest rate, no matter how blogs and financial institutions phrase it.

Now, if you are someone who is not able to do research properly, it does not mean that all hopes are lost. There are tools like PropertyGuru Finance SmartRefithis will do all the groundwork for you.

PropertyGuru Finance SmartRefi tool

PropertyGuru Finance SmartRefi is a proprietary tool that allows you to customize your refinancing profile.

With this tool, you can track your mortgage against daily market interest rates at all major banks. You can also set alerts to notify you to refinance at the optimal time for maximum savings and check your refinance eligibility in minutes.

Homeowners can be confident that PropertyGuru Finance’s SmartRefi tool provides unbiased recommendations because it’s powered by smart technology and backed by mortgage advisers who aren’t motivated by earning a commission from you. Compared to banks who may have an interest in more people refinancing with their institution, SmartRefi is able to provide you with an objective overview of the best refinancing option available on the market.

For this reason, you will be able to make a comparison of all the refinancing options available to find the one that suits you best.

How the PropertyGuru Finance SmartRefi tool works

PropertyGuru Finance’s SmartRefi tool helps you solve your refinance problems by following these simple steps.

Screenshot of step 1

Source: PropertyGuru SmartRefi website

First, head over to PropertyGuru Finance SmartRefi website. On the website, select your refinancing goals from 3 options: lower monthly repayments, being debt-free as soon as possible, and getting money for major expenses.

Screenshot of step 2

Source: PropertyGuru Finance SmartRefi website

Then enter the location, property type, property purpose, value and check if this unit has been refinanced or not.

Screenshot of step 3

Source: PropertyGuru Finance SmartRefi website

Next, select your lender, interest rates, lock-in period, remaining loan amount, remaining loan term, and loan start date.

Once everything is filled in, you will see a dashboard. On the dashboard, the first thing you’ll see is their advice, on whether to refinance now or later and explanations of the cost or savings of refinancing now.

Below, you’ll see your savings potential and a breakdown of the costs you’ll incur for refinancing.

With this tool, you can also set alerts to notify you of the optimal time to refinance your loans. SmartRefi will simply give you an alert when it is optimal to refinance.

Conclusion

Whether you’re on a variable rate mortgage, your fixed rate period is coming to an end, or you need to refinance or risk your loan becoming more expensive, PropertyGuru Finance SmartRefi might just be the tool you need. this moment.

With PropertyGuru Finance SmartRefi, you’ll be able to keep up to date with refinancing opportunities and maximize your savings no matter what situation you find yourself in. Even if you are currently satisfied with your home loan, there is no harm in signing up. Mortgage rates change so often, so if you sign up for SmartRefi, you’ll be alerted when there’s a package that’s better than your existing mortgage. It’s free anyway.

If you want to know more about SmartRefi, click here to try it.

This article was written in collaboration with PropertyGuru. Although we are sponsored by them, we always review products and services with an objective objective and remain true to our mission – to provide you with the best recommendations and advice to make smarter financial decisions.

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