August 1st, 2008
Experts are concerned that problems with the home mortgage industry could spread to several other sectors, making it very difficult for the economy to experience any real growth. The home mortgage forecast continues to be bad, despite small glimmers of hope in some areas. Housing values are down and rates seem to be holding steady, but many are unable to get a new home mortgage at this time. Few can come to a consensus as to what needs to be done to fix the home mortgage market and the trouble seems to be getting worse instead of better.
David Kern, economic adviser to the British Chambers of Commerce, said the report “confirms the growing pressures on the international banking system could hit businesses, with dire consequences for jobs. If this happens, individuals as well as businesses would be hit, and what is now a very unpleasant slowdown could degenerate into a nasty recession,” he added.
Jaime Caruana of the IMF stated, “As economies slow, credit deterioration is widening and deepening, and as banks deleverage and rebuild capital, lending is beginning to be squeezed, restricting household spending and clouding the outlook for the real economy.”
Related reading : Home Mortgage
August 1st, 2008
Experts are warning that not all fixed rate mortgages are safe for consumers and that it is best to research options fully before jumping in. Although fixed rate mortgages are safer over the long term, today’s rates are quite high. Consumers are seeking security in fixed rate mortgages and many are willing to get stuck […]
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July 18th, 2008
Home mortgage rates continue to climb, although some banks did announce newly lower rates this week. A recent study found that home mortgage rates were at their highest in years and a result, many consumers are simply waiting to take out a home mortgage until the market improves.
The Director of FairInvestment.co.uk, James Caldwell stated, “Mortgage […]
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July 18th, 2008
The CML is pushing for new methods to be used to allow more homeowners the chance to refinance to a fixed rate mortgage. The body announced several plans that they drew up that would assist those seeking a fixed rate mortgage. Also in the news today was the new first time buyer mortgage scheme that […]
Related reading : Home Mortgage
July 10th, 2008
Although new home buyers are seeking a fixed rate mortgage for more security, most are finding that it is very difficult to get an approval. The rates for fixed rate mortgages are going up and extra fees are making these loans cost prohibitive for many. First time buyers are truly being affected by changes in […]
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July 10th, 2008
Despite having good credit, thousands of home mortgage holders may suddenly find themselves thrown into the subprime category as their loans switch over to variable rates. If home mortgage holders have not put aside extra money to handle higher payments right now, many homes may be going into foreclosure over the next few months. Without […]
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June 26th, 2008
Those seeking a new home mortgage may be better served by waiting until the housing crisis is over according to the experts. Approvals for new home mortgages are down while the rates continue to go up. Until this changes, it may be very difficult for anyone to get a new home mortgage.
British Bankers Association statistics […]
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June 26th, 2008
As consumers watch the aftermath of the flexible rate mortgage debacle, more are beginning to seek fixed rate mortgages. Although they may be more expensive at first, those with a fixed rate mortgage usually feel more secure that their payments will not go up. As more homeowners face rising payments they are also switching over […]
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June 19th, 2008
Although much of the news on the home mortgage front is doom and gloom, Chancellor Alistair Darling is hoping that things will soon turn around. The UK is not the only country dealing with a home mortgage crisis, and although things are not good right now, there is hope that the light is at the […]
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June 19th, 2008
In order to get a fixed rate mortgage right now, consumers are finding that they will have to pay significant signing fees. The rates for fixed rate mortgages have also gone up, making them now one of the most expensive loans to get. For those that need to get a fixed rate mortgage, this news […]
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