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Posts tagged as “Best Broker In Canberra”

FHA Manufactured Home Loan – The Best Way to Finance Manufactured Homes!

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There are many types of FHA Home Loans and you can get many types of homes with them. Getting a home loan can come about for many reasons. Most of the reasons to get a home loan, or even a FHA Home Loan include one or more of the following. Often if you are a first time home-buyer you may need a mortgage loan. But if you are looking to buy a manufactured home you will have a hard time finding a loan program to finance it. There is a good loan program for financing the purchase of manufactured homes and it is the FHA Manufactured Home Loan Duffy.

If you do not have a lot of money to put down on a manufactured home, you can often qualify for a FHA Manufactured Home Loan. The current FHA down payment amount is just 3.5% of the purchase price. While down payment for mortgage loans is 20% or more.

It is very difficult to find a lender that will do a traditional conventional loan on a manufactured home. One of the reasons is that it much easier to move a manufactured home. This type of home will have a steel beam down the middle of the home making it easier to relocate. This increases the risk for the lender.

If you are a new home buyer and you are looking at a manufactured home, you will want to keep your monthly payments as low as possible. This is the reason manufactured homes are popular, they are less expensive to buy. Now you have to find a loan program to finance the purchase. You may want to apply for a FHA Manufactured Mortgage Loan.

If you do not have the best or perfect credit, or are worried about even qualifying for a mortgage, chances are now you can qualify for a FHA Manufactured Home Loan now. With the economy as it is now, although it is improving, some new home owners and buyers may often worry about what will happen to them or their homes if they fall behind on their payments on their homes.

With a FHA Manufactured Home Loan many of the worries about falling behind on their payments, qualifying for a loan if they do not have the best credit, or any of the usual concerns for first time home buyers are gone. More and more people qualify for FHA Home Loans each day. Getting a mortgage for home is much easier, faster, and often you qualify much easier and faster with more protection than with other home loans.

You will find that with FHA Home Loans there are lower rates. If you have less than perfect credit you can also still get a FHA loan. There are much more protections for your home with an FHA Manufactured Home Loan than you will find with other home loans.

There are also many types of FHA Home Loans as well. You can get a fixed rate loan, adjustable rate home loans, and you can even get a FHA Loan to purchase a rehab home. This means that you have found a house you like, but it needs fixing up or repairs. There are even special FHA Loans for these types of homes as well.

With lower down payment and lower credit requirements, the FHA Manufactured Loan is not only the best loan program but it may be your only choice to finance your home purchase. It is great loan program and you should contact a FHA lender now to get more information.

Competition Imperative to Ensure Reasonably Priced Home Loans

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While over the past two decades there has been increasing competition within the home loan market, government support during the global financial crisis has allowed the major banks in Australia to significantly increase their market share where loans are concerned.

The non-bank sector first brought real competition to the loans market in the early 1990s when they were able to offer long term principal and interest loans to the Australian borrowing public at a much lower interest rate than that being offered by the major banks. Variable rate home loans were available through the non-banks at interest rates that were up to 2% p.a. below variable interest rates being offered by the major banks Best Home Loans in Canberra. For the first time Australian borrowers were able to access very competitive standard loans from reputable alternative institutions other than the banks. As was to be expected, the four major banks in Australia initially held onto their high interest rates and profit margins because they were confident that the non-bank sector would be a "flash in the pan". In their view borrowers were unlikely to place their home loan business with these new entrants in the mortgage market. The banks miscalculated and borrowers were quick to take up the loans offered by the non-bank sector and enjoyed significant savings in interest repayments as a result.

While initially the non-banks were only able to offer standard variable rate type products, as the mortgage market evolved home loan lenders in both the bank and non-bank sectors increased the features and home loan product types available to the borrowing public. Even cheap loans today will generally offer a redraw facility and options to fix for a period during the loan term. Home equity loans have been very popular because of the flexibility and features they offer borrowers and no deposit loans also appealed to first home loan borrowers /buyers because this type of mortgage enabled those with good incomes but little savings to enter the home market and invest into property.

There is now a wide variety of Australian loans available on the market and borrowers can now more easily compare the interest rates and features on offer. While traditionally borrowers would approach their bank for a loan and generally accept the terms and conditions offered without question, today they have a number of resources available to them to ensure that the mortgage they go with is competitively priced and well-suited to their needs. Borrowers now have many reputable mortgage brokers to which they can turn for assistance in arranging their loans. Online home loan comparison calculators are also readily accessible and allow a borrower to compare the existing variable interest rate loan they hold with another product they may be considering from a refinance perspective.

The global financial crisis has changed the mortgage market considerably because the playing field is no longer an even one. The Australian Federal Government offered their guarantee to any borrowings by the major banks at a much lower cost than that charged to the second-tier banks. The cost of funds for the latter entities is therefore more expensive and as a result they have not been able to compete with the major banks on interest rate. Until the government withdraws the guarantee the playing field for lenders in the home loans market will not be a level one.