An IVA is an agreement worked out between a borrower and a creditor, wherein the borrower agrees to pay them back as much as you can within a period of not more than 5 years (60 months). There are various advantages of an Individual Voluntary Arrangement. To start with, the creditor agrees to wipe off up to 95% of the debt. Since they cannot contact the borrower by letter or telephone, they cannot take any further action against. The interest will be frozen and no charges will be put against any of the borrower’s accounts. IVA remortgages can also prove to be very useful. Some of the debt types that can be dealt with by an IVA are unsecured loans, council tax arrears, Inland Revenue, business rates, personal loans to friends and family.
Moreover, unlike bankruptcy, details of an IVA are not openly published anywhere, it is a confidential arrangement between you and your creditors. Employers and landlords are not informed.
An IVA can help achieve the following things:
• One reduced monthly payment to your creditors
• A court order will stop any legal action by your creditors
• Telephone calls and letter from your creditors will stop.
• Interest and charges are stopped, so the spiral of debt is halted
• Fixed repayment method (normally 5 years) at the end of which all of your debts are discharged (any unpaid balances are written off), giving you ‘light at the end of the tunnel
• All unsecured creditors to whom the I.V.A proposal is sent, are bound by the arrangement, even if they do not agree to the proposal, providing that 75% of your remaining creditors in value agree to the proposal.
• The I.V.A. is not advertised or notified to your employer.
IVA remortgages and mortgage loan information can help a borrower make the right decision. One can get all the required information on IVA by looking online. The information being available online is freely available to all. If you are a borrower in an IVA (Individual Voluntary Arrangement), and wish to avail an IVA remortgage loan, you can get one easily by looking online. This type of loan can help you clear IVA. Those who have previous IVA’s can also benefit from these loans. Those who have cleared IVA’s a few years earlier and want to remortgage as you come to the end of your current mortgage deal can also benefit from these loans. It is advisable to get IVA Help & Advice before availing an IVA remortgage loan. Many of the IVA Remortgage lenders only accept business through registered intermediaries & packagers. An IVA Company can also provide with the required guidance to avail an IVA loan.
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Help answer the question about mortgage loan
What should be the ratio of income to mortgage loan amount to make sure I am approved?I am looking at buying a property for 180,000. This is my first home and I can put down only 5-10%. My salary is 55,000 per year and I have a small business online that generates 20,000 per year. The property is a 5 unit apartment complex with all units currently rented and producing 2380 in monthly income currently. The total costs involved in the property if I were to own it would be 2000 per month. Should I get approved for the loan?
I have good credit but I am not sure what the rule of thumb is for a mortgage loan amount and its ratio to my income. Anybody with home buying experience that can give me some insight?
If you are both going to be on the loan, then both incomes will count. Critereia for a mortgage is dependent on the following:
* Credit Score – there are 3 credit bureaus and this thing called a FICO (Fair Issac) score. The closer your score is to 850 the easier the loan is to get and the better rate (lower interest) you will be offered.
* Debt to income ratio. If you earn $1,000 a month and have $750 per month in bills to pay, it will be tougher. Banks/mortgage companies like debt to income to be less than 50%, and would prefer 30% area.
* Don't be getting new loans and don't apply for new credit until after you have purchased your new home. These "inquiries" will bring down your credit score.
Look up your credit online now. You can get it done very inexpensively and know where you stand.
Hope that help
In an interest-only loan or mortgage the borrower only pays interest each month. This makes it cheaper than a conventional mortgage, in which part of each month's payment goes towards the principal and part goes towards interest. These loans have become popular because the monthly payments are lower, allowing borrowers to afford a larger home.
However, these loans can be dangerous, especially in a down housing market. The interest rates are generally fixed for the first 1, 3 or 5 years. After that, they convert to a conventional loan, with a higher monthly payment. Most borrowers take on these loans because they assume they will sell the home before the interest rate increases. In a down market, they may not be able to sell. If they cannot afford the increased payment, they may have to default on the loan, and foreclose on the home. So, when the rate starts to adjust, you would need to refinance again. And, either get a fixed or another interest only adjustable. And, yes, I do believe you mean ARM. Although, if you have extra money every so often, you can pay down the principal in extra payments.
Salam
Search for Q/A: Mortgages? RESP plans? in youtube
The above link from “let the quran speak” refers to “reputable scholars” who state that the 1st mortgage ( the home you will live in) is permissible. They say that the TAKING of interest is haram, but the GIVING of interest is a contributing factor and sometimes cannot be escaped (e.g. student loans). Is this correct?
@”Livinghalal” Wouldn’t it be better to publish a FREE guide to help people rather than make $27 for ebooks?
لا اله الا الله محمد رسول الله
im from saudi arabi
Alhamdulilah thank you for this guidance…
Simply put the loan officer will get paid either three ways:
1. You pay him origination points
2. The lender will pay him
3. A combination of 1 and 2
For anyone to come here and tell you that only one or two ways is the right way or how much of % should be paid is completely wrong.
Each state is different on how much on an average a borrower will pay on origination points.
In order for you to find out how the loan officer is chargin your, look at the Good Faith Estimate.
If you are paying for origination points up front, you may be getting a better rate than having the lender pay the loan officer for his commission. Although you could be getting charge at both ends.
Look carefully at the Good Faith Estimate.
I can tell you from my own personal experience.
First off, modifying your mortgage is a very difficult thing to do. Forget what the media and all these other yahoos are saying about the government's modification act. Most banks are not willing to modify your mortgage without putting up a fight.
Why? Because it costs them money to do it. Most mortgages are sold off to someone else after you take out the loan, but the original bank still acts as the servicer. They receive a percentage from the buyer of your mortgage to handle the payments and record keeping.
When something complex as a loan modification is requested, any profits they would make disappear and as such they are reluctant to do it.
The media and the banks themselves don't tell you this of course.
First-expect to hire a lawyer or get a legal aid lawyer. Most banks will not take you seriously unless you have a legal mouthpiece going to bat for you. Having a lawyer shows you mean business and just are not some schlub looking for a handout.
If you try to do it yourself, expect to be jerked around for months only to be told it can't be done and by the way we're starting foreclosure proceedings, which will only make the modification even more difficult.
The bank will not talk to you unless you are delinquent. And this is where time is of the essence-if you're very late with your payments and they have'nt started legal proceedings it makes the process much easier. Once legal proceedings start, then it becomes difficult if not impossible to complete the modification because now the courts will be involved.
Second-you will be expected to make your new payments ON TIME if you do receive the modification. The bank will not care how you accomplish this. You will be told that the first 3 payments or such MUST BE ON TIME OR THE AGREEMENT IS NULL AND VOID.
Keep in mind whatever agreement you agree to will only stall the inevitable. Eventually over time your payments will return slowly back to where they originally were. The original terms and payments will not go away. ALL A MODIFICATION DOES IS LOWER YOUR PAYMENT FOR A PERIOD OF TIME UNTIL YOU CAN GET BACK ON YOUR FEET.
Third-If you feel you can't keep up with the payments at any time now or in the future, consider selling the home while you can or give it back to the bank. It may seem difficult but it's a far better option than having it being taken away from you. Also note that if you file for chapter 7 bankruptcy, don't sign a reaffirmation of your loan. That way if you need to walk away you won't be held liable for whatever is still owed.
Fourth-I can't empathize this enough: NEVER, EVER, LET ANYONE TALK YOU INTO BUYING YOUR TITLE OR ASKING FOR MONEY TO REARRANGE YOUR LOAN. IT WILL BE A SCAM I ASSURE YOU AND YOU WILL STILL BE LEFT HOLDING THE BAG.
I hope this helps you and don't believe Obama and his socialist bullshit. What I told you is the reality and what the government says is fantasy.
Good luck!
no offence but i didnt think he answered the topic of this video. if there are no banks in my country offering shariah compliance loans, then how can muslims buy a house?
Avg. Salary: 42k$
50 Salaries registered here:
http://www.whatsalary.com/us/salary/MORTGAGE-LOAN-OFFICER-T4154.htm
Yes it is. In fact, it is common these days. It will all depend on what type of loan you are going for, and what type of collections you have. If you owe 200 bucks to a phone company from a year or two ago, it isn't as big of a deal to the lenders as owing 5,000 in back child support…. they do whatever makes sense…
Comment back on what type, how old, and total number of collection accounts, as well as a total dollar amount and I will tell you how your chances look…
AA
everyone watching this video is already convinced what you are saying but tell us how you bought your house. I live in Vancouver, BC where average house is $500, 000.
Mortgage Loan officers do not make anything from the SALE of a home. They make a certain percentage of the amount of the mortgage loan on the PURCHASE of a house.
The percentage of commission varies from state to state and from lender to lender.
As salaam aleykum warahmtullaahi wabarakaatuh
Jazaaka Allaah kheiran for this guidance brother.
RAMADAN MUBARAK
Wasalaam aleykum
I really suggest looking around at different careers websites, such as monster.com, in addition to checking out our careers page (I’m an employee of Quicken Loans).
Don’t worry about your lack of experience. At many mortgage companies, including Quicken Loans, no lending experience is not a problem.
In addition to on-going training, all new mortgage bankers attend five weeks of industry-leading training. We’ve been hiring 200+ new mortgage bankers a month for the past few months and we consider candidates with various work backgrounds and experiences.
I’ve included a link to our mortgage banker careers page that has more information, but if you have any questions feel free to contact me through my profile.
One thing, we only hire for employment in Detroit, Cleveland, and Scottdale, Arizona.
Good luck!
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۞ . لا اله الا الله محمد رسول الله.۞
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Oh, the complete recording is posted as one of the latest videos.
Sorry for the confusion.