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::: Florida Mortgage Articles :::



The Debt Test: are you making out a mountain out of your mortgage?

by cashzilla

According to the Council of Mortgage Lenders, first-time buyers are the most susceptible group of homeowners to debt, as they are more likely to have higher loan-to-value ratios and commit a higher proportion of their income to mortgage repayments. Despite their susceptibility to debt, there is evidence which indicates that insurance take-up and employee benefits provide recent first-time buyers with a safer foundation than the general population of mortgage borrowers.

The Council of Mortgage Lenders (CML) has become increasingly concerned about the ability of current and future home-buyers to pay back mortgages in the event of changing circumstances. Over the past five years, the CML and its partners within the Sustainable Home-ownership Initiative, have sought to improve this issue. Contributing factors to the problem include increasing personal debt levels and a less certain economic environment. This has provoked concern about the sustainability of home-ownership and consumer understanding of financial products, ensuring that the issue of mortgage risk is at the top of the agenda for the UK Government, industry regulators and public as a whole.

Over the last year, the Sustainable Home-ownership Initiative has debated the most effective move forward to increase home-buyers’ awareness of potential debt and protection from unforeseen events with insurance products, specifically Mortgage Payment Protection Insurance (MPPI). The Financial Service Authority is leading the way to help raise awareness of debt prevention with the “Debt Test” initiative.

According to research carried out by the Council of Mortgage Lenders, two thirds of recent first-time buyers say that an online debt test designed to help them assess potential triggers of debt and highlight future borrowing risk would be useful.

The mortgage market is also watched very closely by the consumer research website, moneynet. In addition to tracking market behaviour, property values and homeowner incomes, moneynet have endeavoured to become increasingly proactive about educating their visitors, so they fully understand the complexity of the relevant financial products. In addition to their mortgage comparison service and mortgage protection options, moneynet published a comprehensive mortgage guide earlier this year, as part of its series of consumer product guides. Moneynet isn’t the only site to offer enhanced information services; Which? also offers a detailed mortgage guide and mortgage search tool powered by Moneyfacts. Both “Switch with Which?” and moneynet take the consumer through the types of deal available, detailing the different interest rate structures including fixed rates, capped rates, discounted rates, stepped rates and standard variable rates.

The CML state that there is much evidence to show that first-time buyers appreciate this information, including the “debt test”, more so than older households. This is perhaps due to the fact that many first-time buyers have to borrow much more for their initial property, due to high prices, and that they have generated more personal debt than their parents’ generation. Whilst personal debt remains a major concern for the finance industry, the government and the public, financial stability remains possible with education.

* * * * * * * * * * * *

Resources:

http://www.moneynet.co.uk/mortgage-guide/index.shtml

http://www.switchwithwhich.co.uk/mortgage/index.html

http://www.cml.org.uk/
Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk/



::: Florida Mortgage News :::

Florida Mortgage - Google News
Florida Mortgage - Google News
Florida Mortgage - Google News

TransUnion.com: Mortgage Loan Delinquency Rates Rise for the Sixth ... - Mark...
8 Sep 2008 at 4:08am

TopNews

TransUnion.com: Mortgage Loan Delinquency Rates Rise for the Sixth ...
MarketWatch - 3 hours ago
Mortgage borrower delinquency rates in the second quarter of 2008 were highest in Nevada (6.6...



Area experts like Fed's move - Bradenton Herald
7 Sep 2008 at 10:46pm

Area experts like Fed's move
Bradenton Herald,  United States - 8 hours ago
That's the opinion of a local banking consultant, a Florida mortgage expert and a state legislator after Sun...



Ike's fury...Bailout's impact...Rights group pleads for bombing ... -...
8 Sep 2008 at 2:18am

New York Daily News

Ike's fury...Bailout's impact...Rights group pleads for bombing ...
KXMC, ND - 5 hours ago
But experts say those already behind on their mortgage, or who owe more th...



Florida mortgage regulator resigns under fire - BusinessWeek
12 Aug 2008 at 3:45pm

Florida mortgage regulator resigns under fire
BusinessWeek - Aug 12, 2008
By BILL KACZOR Florida's top mortgage industry regulator resigned Tuesday amid allegations his agency let thousands of ...



Waiting for Ike...Ike targeting Cuba...Mortgage crisis... | KXNet ... - Reite...
7 Sep 2008 at 7:11pm

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Reiten Television KXMB Bismarck, ND - 12 hours ago
(AP) Hurricane Ike is expected to skirt the Florida Keys as early as Tu...



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News Minute: Mortgage crisis...Dangerous Ike...Florida and Gulf ... - KVOA.com
6 Sep 2008 at 9:55pm

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Of Fannie-Freddie Plan - Wall Street Journal
8 Sep 2008 at 5:11am

Of Fannie-Freddie Plan
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Investors around the world this morning seemed to rejoice -- unless they own shares in the two government-sponsored mortgage giants -- thoug...




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Florida Mortgage - Google Blog Search
Google Blog Search Results: 216,403 results for Florida Mortgage - showing 1 through 10

2 Guilty Pleas In Florida Mortgage Fraud MIsrep Scheme
8 Sep 2008 at 12:31pm
Marcia Mestre, 51, Wilton Manors, Florida, and Angela Manalaysay, 35, Plantation, Florida, plead guilty on September 3, 2008 before United States District Court Judge William P. Dimitrouleas to charge...

Fannie Freddie Bailout Should Not Happen
7 Sep 2008 at 3:33pm
Mortgage foreclosures are at an all time high and the largest mortgage backers in the world are in the midst of a major bailout. Fannie Mae and Freddie Mac are close to default and their subsequent co...

Florida Mortgage Rates - Evening Report
5 Sep 2008 at 11:24pm
As we head into the weekend, I suggest locking loans to protect from a further contraction of the rubber band. Hopefully, as the week gets started, my stance will be changing. In the bigger picture, m...

?Refinance Mortgage?
6 Sep 2008 at 1:31pm
Refinancing your mortgage has become a difficult task today, either your credit is not what it was or the value in your home is just not there. We understand what it means to ?refinance Mortgage? we h...

http://www.Lead411.biz,florida mortgage leads,live transfer ...
5 Sep 2008 at 6:49pm
Lead411.biz,florida mortgage leads,live transfer mortgage leads,virginia small business health insurance,sales leads mailing lists,arkansas life insurance lead,mortgage referral business. Author: ilk7...

How a Strengthening Dollar Improves Mortgage Rates
4 Sep 2008 at 10:13pm
With the US Dollar growing stronger these days, there are several ways in which it helps to lower mortgage rates in Florida, and nationwide. The more obvious is that a stronger dollar helps drive the ...

Florida Mortgage Rates - Afternoon Report
5 Sep 2008 at 7:28pm
I will address that more in the coming Mortgage Market Update over at Lenderama. For now, lock the loans and take your gains. Have a great weekend in case I cannot provide an update when passing thro...

Florida Mortgage Rates - Morning Report
5 Sep 2008 at 12:50pm
More importantly, the Unemployment Rate jumped dramatically to 6.1%, very good news for mortgage bonds. The other aspects of today?s data are mixed with Hourly Earnings creeping up slightly and Averag...

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... national delinquency survey mortgage bankers association of florida mortgage bankers association of georgia mortgage bankers association conference mortgage bankers association foreclosures mortg...


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