The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending April 24, 2009. The Market Composite Index, a measure of mortgage loan application volume, was 960.6, a decrease of 18.1 percent on a seasonally adjusted basis from 1172.2 one week earlier despite very low mortgage rates. On an unadjusted basis, the Index decreased 17.4 percent compared with the previous week and increased 62.7 percent compared with the same week one year earlier.

The Refinance Index decreased 21.9 percent to 5108.2 from 6540.7 the previous week and the seasonally adjusted Purchase Index decreased 0.6 percent to 251.6 from 253.0 one week earlier. The Conventional Purchase Index decreased 1.4 percent while the Government Purchase Index (largely FHA) increased 0.8 percent.

The four week moving average for the seasonally adjusted Market Index is down 4.9 percent. The four week moving average is down 1.5 percent for the seasonally adjusted Purchase Index, while this average is down 5.7 percent for the Refinance Index.

The refinance share of mortgage activity decreased to 75.3 percent of total applications from 79.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 2.1 percent from 1.4 percent of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 4.62 percent from 4.73 percent, with points increasing to 1.14 from 1.12 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 4.45 percent from 4.46 percent, with points decreasing to 0.96 from 1.18 (including the origination fee) for 80 percent LTV loans.

The average contract interest rate for one-year ARMs increased to 6.23 percent from 6.19 percent, with points decreasing to 0.12 from 0.14 (including the origination fee) for 80 percent LTV loans.

With low, low mortgage rates for Chicago home mortgage loans, requirement for property is going thru the roof as folks rush to snap up great houses on the gorgeous Chicago lakefront, as well as in Chicago’s many tasty suburbs.

There are so few houses available that people who need to buy Chicago property are getting in before the group by buying pre-construction. Many pre-construction opportunities are available in Chicago property.

In the Chicago suburb of Palos Hills, seventeen different pre-construction properties are available.

Although it’s too early in the construction process to provide a photograph, many features and details are presently available on the web. This unit is being built to be handicapped accessible too. You could well be right, but there are some things you can do to help decide whether it’s time to remortgage.

The very first thing you want to determine is the interest rate for your present mortgage and the rates being offered everywhere for new loans. Even though it’s not a big cost for an appraisal, comparing that with the amount you are going to save on a slight drop in IRs could show that it’ll take an age to recoup that cost. Do not forget that you will likely have some further closing costs from the bank on the new mortgage ( you are after all, taking out a new mortgage though you have an existing loan ) and you may be facing penalties for clearing your present loan early.

So does that imply that you must never refinance an existing mortgage? Basically, there are masses of opportunities when refinancing your home loan makes good monetary sense. You will also lower monthly payments or refinance to make enhancements. In the final analysis, it’s up to you to weigh the expenses of refinancing your mortgage and decide if the time is your bag to take this step.

Property reveals available for sale in the pre-construction phase is a smaller city home, 1800 sq. feet, with an asking cost of $247,700.

The first thing you are going to want to make certain is that the cost of the refinance is worth the effort that you put into it. The best way to take this into consideration is to ensure that the interest rate you currently have is at least two percentage points above the interest rate that you would be refinancing out. This way you will be certain that you are getting a good deal on the loan and would be saving money over the lifetime of the loan.

Additionally there are some benefits to getting a bad credit refinance or a home mortgage refinance from an online lender. The first thing is you will obviously have lower monthly payments on your mortgage. This means it will be much easier to manage and budget for as well as saving you money to spend on other things that you need. How much you are going to save is really dependant upon the difference between interest rates and the length of the home refinance loan that you take out.

Next, by changing the type of loan that you currently have you can take advantage of the weakened financial markets. Some consumers out there had the unfortunate luck of getting an adjustable rate mortgage and have seen their interest rates fluxuate quite a bit over the past few years.

Lastly, you will be able to get money from the home equity that you have built up by getting a mortgage refinance. The longer that you have been in your home the more equity that you have likely built up over the course of your mortgage. By pulling money out you will be able to take care of other debts, or have the money to spend on other purchases that you have been wanting to make.

Whenever you consider a major financial decision you should always make certain to do as much research as possible before signing anything. You should consult with a home mortgage refinance professional and see what sort of deals are available for your own unique situation. Getting in touch with a financial professional could not be any easier. Simply fill out the short form on our site, and in no time you will be in direct contact with a highly skilled home loan professional that can help you go over the best options for you.

As you can see, we are offering the most accurate mortgage refinancing information that empowers you as our client so you choose the best mortgage that will help you to grow financially no matter what happens in the economy.

Ye Olde English Musicke Concert this Sunday at 2pm in the Rowland-Taylor Recital The National Science Foundation awards $598,000 for engineering, computer A service of LendingTree – Complete a short 2-minute form & get up to 5 free mortgage quotes – no obligation and no Social Security Number required. Bad Credit OK.Helpful Mortgage Articles. Financial Fitness Check List When Considering a Loan The Hidden Value of Your Home. How to make Lenders Compete for You

Do you fear of flying? Then, you better get prepared for the once-in-a-lifetime chance to pilot a plane! Now you have the chance to experience becoming a pilot via Citibank home loan? WTF, that’s too great!
Guaranteed Gifts (all 5 below):
- Free Flying Lesson worth RM750
- Free 5 Days 4 Nights stay for 2 (Bali or Phuket) worth RM4500
- Free 3 Days 2 Nights stay for 2 at a local holiday destination of your choice worth RM1500
- Kipling vouchers worth RM100
- 50% off Kenny Hoo Good Feng Shui consultation services

Besides, you will be entitled for 10 entries upon approval of your new home loan to participate Citibank Big 50 Contest to win another extra 50 gifts! Don’t you think that is an excellent mortgage refinance package offered by Citibank?
Some highlights of Citibank Home Loans features:

Flexibility in Repayment
- Make extra payments of any amount, at any time
- No notice required
- No fees charged

Daily Interest Calculation
- Interest is reduced as soon as the extra payment is made

Free Moving Cost
- No legal fee
- No stamp duty
- No valuation fee
- No discharge fee
- No processing fee

The Citibank home refinance offers are valid for loan submission between 1 July and 30 September 2009, and loans accepted by 31 October 2009. Terms and Conditions apply. For more information, Citibank Call Center at 1300 13 8800

Property Management, The management of a development varies in scope from the maintenance of the site and common areas, to the servicing of each unit, depending on what the developers and owners want. The property managers will also be responsible for security and administration of the estate. The management of a development can be handled by either the developer, an entity attached to the development, or an independent property management company.

You should be comfortable that the appointed party will deliver the quality and scope of services you expect, and be aware of costs incurred. Financing Generally, Thai banks do not lend to foreigners for land or property purchases. However, some institutions such as Bangkok Bank’s Singapore branch and the Thai affiliate of Singapore’s United Overseas Bank are now starting to offer mortgages of up to 70% of the price of the property to foreigners. Some developers also offer funding assistance, but you need to be aware that the vast majority of purchases are on a 100% equity basis.

Tax
At present, there is no tax in Thailand on the occupation of property or ownership. There is a proposal to bring in a property tax on ownership at the rate 0.1 of 1% of the government assessed value of the property, which is historically below current market value. On the rental or the sale of the property, depending on the status of the owner an individual, resident or non-resident in Thailand, or a corporation various taxes on the actual sale proceeds or on the assumed income based on assessable value may be levied. This is a specialist area, on which you should seek legal advice. As a guide, these may include:

- Transfer fee: 2% of the official appraisal price
- Special business tax (SBT): 3.3% of the higher price between the official appraisal price and the sale price (although this is exempt if the individual seller has owned the property for more than 5 years)
- Withholding tax (corporate): 1% of the higher price between the official appraisal price and the sale price
- Withholding tax (individual): Specific calculation based on the appraisal price
- Stamp duty: 0.5% of the higher price between the official appraisal price and the sale price (but exempt if SBT has been paid)

LEGAL CONSIDERATIONS

1. Condominium title:
49% of the registered title may be owned outright by foreign nationals with freehold condominium title: the condominium must be registered with the Land Office and, as the purchaser, you need to be sure you are buying within the foreigner quota.

In order to be able to realize any subsequent sale proceeds you must also remit 100% of the purchase price in foreign currency from abroad, and obtain the correct Bank certificates.

The owner of a condominium unit will be named on the title deed of the unit, which will also show the common elements of the condominium located outside the unit, e.g. parking space, private garden area.

2. Leasehold:
A foreigner may register ownership of a 30-year lease with the Land Office. This may be a lease of a condominium or freehold land provided the title against which the lease is registered is freehold or “Nor Sor 3 Gor” which is a form of good quality title just below that of chanote. By this structure, a foreigner can effectively
own land.

There are no restrictions on foreigners owning a building outright. Therefore, the foreigner may own the building erected on the land over which they have a 30-year lease.

By contract with the developer or a special purpose company, the buyer can have a series of options for further terms of 30 years, but these options cannot be registered against the land title. This structure is transparent and is fully in accordance with the Thai law.

3. Thai Companies:
July 2007 – In the light of the proposed amendments to the Foreign Business Act, we do not recommend foreign purchasers to acquire freehold Thai properties through the establishment of a Thai company at this time.

The establishment of a Thai company and the law relating to foreign ownership of landed property is a specialist area and it is recommended that purchasers consult legal professionals who are well experienced in this area.

The purchase of either a foreign quota condominium unit or a 30-year lease with options to renew from a reputable developer with pre-committed professional property management of the development on completion remain the preferred route. This complies with existing and proposed Thai law and offers the best chances of capital appreciation.

Land Registration

Thailand has a sound system of land registration, and an effective land office network throughout the country. Land registration is done by a combination of aerial mapping, site surveys and historic investigation into ownership. This Torrens land registration system has been operating since the Second World War, with the support of the
Australian Government, which advised Thailand on the setting up of the current system of land registration.

Areas of prime activity such as Bangkok and luxury resort areas such as Phuket and Koh Samui are priority areas for accurately mapping and registering all title deeds.

- Land Title – There are different grades of land title in Thailand and buyers must ensure that the development in which they intend to buy owns the property through effective title, and that the land they wish to acquire may be developed. There are various levels of title in Thailand enjoying differing levels of security.

- Chanote title – equates to freehold title. This means that the land has been surveyed by the authorities and physical boundaries are clearly defined. It is the ultimate certification of land ownership. Holders of this type of title deed, i.e.
people whose names appear on the title deed, have full rights to transfer the property. The title deed must be registered at the Land Department in the province in which the land is located.

- Nor Sor 3 Gor title is often treated as virtual freehold. The owner of the land can apply to upgrade the title to Chanote. An official aerial photograph has been taken and the land positioned in it. There only remains for the land department to attend the land and physically delineate the boundaries. Nor Sor 3 title is similar to Nor Sor 3 Gor, but there has been no official survey of the land, hence no established boundaries and measurements. The obvious weakness of this title is that there could ultimately be variations to the boundaries. Land bearing Chanote, Nor Sor 3 Gor or Nor Sor 3 titles may be used by Thai entities as loan collateral, and can be developed, sold or leased. There are several grades of lower title that might form part of a development site such as Sor Gor 1, a notice of possession, or Por Bor Tor 5. Typically these are poor quality rights for use, and cannot be sold or leased. As amenity land to a development, this lesser title may be acceptable but you should be aware that this is a poor form of title?? merely a tax receipt acknowledging use of the land. The weakness to this title is the very real danger of 3rd party claims to adverse possession.

Plus Property real estate and residential properties development. Land, house, property, luxury resort condotel and condominiums for sale including hotel and serviced apartmentsOffers land and house for sale, property development, and more.Property for sale in Phuket – Home grown independent agent offers 10 years local experience specializing in new and secondary residential homes

Mortgages in thailand. New Topic Reply to Topic. Printer Friendly institution that will arrange a mortgage for buying property outside Thailand. thanks Expatriate Mortgages for all nationalities buying property in Thailand offered by Select Asset Management Ltd. brought to you by The Phuket LandbusterBad loan debt in China and Thailand is the result of lax advisory regulation and Many new banks have been developed to focus on lending mortgages

Consultants, a leading law firm in Thailand is comprised of a dedicated Mortgages do not include the buildings built on the land after the mortgage date Thailand Land Title Deeds, Land Taxes and mortgage information by licensed Thailand lawyers. How do land mortgages work in Thailand? Take a look at the current mortgage situation in Thailand. Learn if mortgages are available easily and research the required lending criteria

estate investments and relocation services with a strong concentration Our combination of VIP Service, Strategic Affiliations with Exceptional Business Subscriber Customer Service. ADVERTISEMENT. Related Business Topics. Stocks Financial Services Mortgage Student Loans Wrongful Death Attorney Business goods and services on Asian Food, Thai Cooking, Thai Cuisine, Thai Food and more. Consolidation, Debit Cards, Mortgage. Lifestyle. Personals, Fitness

Laguna Phuket Property Sales offers prime real estate in an environment of luxury and ease in what is one of Asia’s finest destination resort developments. specialist team has direct property experience and we have Copyright ?? 2006, Phuket Property Today, All right Reserved. Web Design by Phuket Solution Property for sale in Phuket – Home grown independent agent offers 10 years local experience specializing in new and secondary residential homes

Financing your property investment in Thailand could entail injecting your own cash resources or, as most serious investors prefer, a mortgage or equity release scheme.

Traditionally foreigners have not been able to borrow money in Thailand for property purchase. However, times are changing and loans are regarded as a positive way to attract foreign investment and further boost Thailand???s growing economy.

Terms of Thai loans:
Currency – Baht (THB)
Loan to Value – Up to 80% of the valuation price
Term – 10 years

Thai banks are just beginning to regard foreigners, not as a credit risk, but as an investment opportunity and mortgages in Thailand are gradually increasing in availability.

Currently you should generally expect to obtain no more than 50% finance, with the exception to some well-known developments where finance of nearer 70% is available.
Recently a new branch of the Bangkok Bank has opened in Singapore and it now finances sometimes as much as 70% over 10 years for property purchase. This has opened up borrowing possibilities for property investment in Thailand and will have a positive impact on property prices.
HSBC in Thailand offers loans of between 1,500,000 and 35,000,000 Thai Baht. Typically they will lend up to 80% of the purchase price and interest rates can be fixed for up to three years.

For condo purchases, many investors still obtain a loan in their country of origin and then transfer funds via currency exchange deals to a Thai bank account.

1. Off-Plan Financing
Investors must remember that sometimes the developer will offer various finance options. This will often entail altering the required initial deposit and other key payment points throughout the construction phases of the property. Usually the developer can offer the most competitive finance options to investors and these are certainly worth considering.
As always, before making a commitment, we recommend you discuss your investment strategy with a lawyer, a reputable property agent with experience in the area and even a financial advisor

2. Equity Release
Put simply, equity release is a way of releasing some cash from the home without having to sell up and move house. If you have property in your own country and would like to borrow against this in an equity release plan, we can introduce you to independent financial advisors who can help you raise the necessary finance for your investment in Thailand.
If you are in your mid-50s or older and own your own home, you may be able to get a cash lump sum, a regular income, or both, by using an equity release scheme based on the value of your property. These schemes can be helpful in certain circumstances to raise money for a mortgage to finance your Thai property investment.

The mortgages are fairly limited in scope “they can be applied only to condos; the buyer must come up with the first 50% of the purchase price; and the mortgage term is only 10 years “but they are being hailed as a breakthrough by property developers and real estate agents.

The inability of foreigners to get mortgages to cover home purchases in Thailand has put developers and real estate agents at a disadvantage when compared with other tropical destinations where mortgages are available.

The loans, launched quietly over the past couple of months, are available through Bangkok Bank’s branches in Singapore and Hong Kong, and will normally be denominated in US, Hong Kong or Singapore dollars. Other currencies may be considered but not baht.

In Hong Kong, where branch General Manager Phaithul Tejasakulsin said the bank has made “one or two” loans, the amount that can be borrowed ranges from HK$1 million to HK$5 million (approximately 5 million to 25 million baht). Loans are made only to Hong Kong residents.

In Singapore the range is from S$100,000 to S$1 million (about 2.5 million to 25 million baht) The loans currently carry annual interest of around 7.5%.

In addition there are fees attached. In Hong Kong, for example, a processing fee of around 125,000 baht is payable when the borrower accepts the bank’s letter of offer. About 50,000 baht of this is refunded when the loan is drawn down. In addition, at the start, 1.5% of the loan amount must be handed over to the bank as a prepayment fee.

The Head of the Thai Desk at Bangkok Bank in Singapore, Yaovaluk Suksathit, said that the bank there had made more than 20 loans. The Singapore branch has been pushing the service more aggressively than Hong Kong.

For example, in Hong Kong mortgages are available only for buying freehold condominiums, whereas in Singapore loans will be considered for other types of property, including homes on leased land, said K. Yaovaluk.

“It all depends on the structure,”she explained. “We have done some.”The average mortgage to foreigners granted so far by Bangkok Bank in Singapore has been about US$200,000 (8 million baht), she told the Gazette.

The mortgages may be available later through other Bangkok Bank branches, said K. Phaithul the London office, for example. “I think [the bank] will probably look at it,” he said. Hong Kong, Singapore and Britain are regarded as the three major markets for Phuket home buyers.

K. Yaovaluk said that she and her team had visited Phuket and Koh Samui over the past couple of months to talk with property developers. This was apparently news, however, to the President of the Phuket Real Estate Club, Phummisak Hongsyok.

He welcomed the scheme, however, praising the management of Bangkok Bank for having “good vision and professionalism”, and for a move that will benefit Thailand and the Phuket property sector in particular.

“Thai banks have never loaned money to foreigners to buy property because it was difficult to secure the loans when a foreigner could not own land in Thailand,”he told the Gazette.

“There are many expatriates in Hong Kong who are interested in buying a home in Phuket because the cost of property and land here is cheaper than in Hong Kong,”K. Phummisak noted.

But first, let me address a few common concerns with SBA financing. The SBA has a bad reputation with many, as being overly cumbersome. And granted, if you work with the wrong bank, you will likely double the processing time to get the loan done. Many banks that are not fully focused on SBA loans, will have to have their loans underwritten twice, once by the bank, than by the SBA If you go with the right source, your loan will only have to be underwritten once.

The other common concern is that people have a misperception that if one bank declines the file that the loan request must not fit the SBA guidelines and is not eligible.?? People need to keep in mind that banks finance deals, the SBA only guarantees the debt for the bank And banks guidelines are almost always more restrictive than the SBA’s. If you have been declined, keep looking and find out why.

Commercial Mortgage Loan Vs SBA Financing

Highest loan to value in the business.?? SBA loans go up to 85% financing on refinances and 90% on purchases. In addition, it is common to roll all cost of a project into a loan. For example, if you where purchasing an office building for $800,000 and needed an additional $200,000 for renovations and equipment for $200,000, you would be able to get 90% financing on the $1,000,000

Most conventional financing would require you to put 30 – 40% down on the $800,000 purchase price and the renovation/equipment financing would be up for grabs.?? You would likely having to pay for those items in cash. On refinances, conventional commercial mortgage loans now rarely exceeds 60% loan to value.?? Again 85% with SBA vs. 60% conventional; this is the decision maker for many businesses.

25 year amortization with fixed periods ranging from 3, 5, 7, years is still available with the SBA. Conventional commercial financing is now capped at 3 -5 year fixed rates with amortization schedules rarely exceeding 15 – 20 years. These shorter amortization schedules increase monthly payments significantly and can be a serious drain on cash flow.

No balloon clauses with the SBA.?? SBA loans are fully-amortizing, meaning that they pay off by the end the amortization period. Most conventional loans will have a structure such as a 3 year fixed period, with a 10 year term, on 20 year amortization schedule. At the end of the 10 year term, the borrower faces a balloon.?? With SBA financing there’s never any pending balloon that could very well put the borrower in a bad position.

Relatively low prepayment penalties with the SBA loans. On a SBA 7a loan, the pre pay is 5% in year one, 3% in year two and 1% in year three, gone thereafter. The borrower is allowed to pay down the principle by up to 25% of the balance without incurring the prepayment penalty. Compared to the typical conventional prepay at 5% for 5 years or a 5% step down, the SBA pre pay is cheap and more flexible.

None of the above really discussed the most important point of all that SBA loan are the most viable and reliable sources of commercial mortgage loans in the business today. The credit crisis will likely to continue for another year or more. These loans are still closing while many conventional loans die while the loan is in underwriting, costing the borrower thousands of dollars and two to three months of wasted time and effort.