What To Seek In A Mortgage Banker?

Whether, one is looking, to purchase a new home, and/ or, feels it is in his best – interests, to refinance, for whatever reason (for example, other financial need, seeking better rates, etc), it’s important to carefully choose/ select, the best mortgage banker, for you! Since, each of us, is different, and, the combination of one’s personal knowledge and experience/ expertise, as well as our emotional composure/ make – up, it is, often, a significant consideration, ensuring, choosing, the right person, for you, to professionally, assist you, in your financing/ mortgage needs! With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, 6 specific priorities, one should consider, in making their choice/ selection.

1. Listens effectively: Like, in many consumer positions, etc, it is wise, to choose, someone, who listens, effectively, rather than dominating the conversation! How can anyone, make the best recommendations, in terms of, mortgage – terms (lengths, down – payments, using – points, etc), unless/ he, fully considers, individual needs, in a customized way, rather than, merely, proceeding, on a one – size – fits – all, basis?

2. Custom service: Each of us, has individual needs, knowledge, etc, so, choose a mortgage banker, who customizes his approach, to best serve your needs, priorities, and best – interests, instead of, merely, the same – old, same – old, manner! Since, for most people, their house, represents their single – biggest, financial asset, doesn’t it make sense, to carefully, consider, all relevant aspects, and details?

3. Explains thoroughly, what is needed: Beware of the difference, between, being, pre – qualified, and pre – approved, for a loan! The more detail, and documentation, up – front, generally, eases the rest of the transaction period. Seek, someone, who, openly, thoroughly, explains, what will be needed, an overall strategy, and the best path, forward!

4. Explains thoroughly, what to expect: Few things, become more stressful, than being confronted with surprises, and the need, to produce, on a timely basis, additional documentation, etc. When, your chosen professional, thoroughly, explains, what to expect, and has you, as prepared as possible, it significantly, eases the process!

5. Hand – holding: Many find the entire, real estate transaction period, stressful, it demonstrates, how important, your choice of your agent, and mortgage banker, is! It is best, to choose, someone, and/ or, a team, which is there, for you, every – step, along the way, and holds – your – hand, and comforts you, throughout!

6. Expedites/ stays on – the – ball: It’s not enough, for someone, to be, simply, a glorified, order – taker! Seek someone, who, proactively, expedites, and eases the process, is consistently, prepared (no surprises), and stays, on – the – ball!

Ease the home – purchasing, and/ or, financing process, by hiring the finest, mortgage professional, for you, and your specific needs, and priorities! The wiser, you proceed, the easier, this will be!

Leasehold Houses

Off the back of Help to Buy, many builders started selling houses on a leasehold basis when traditionally homes had always been freehold. Over time this became a debatable topic at which the Government felt the need to step in.

Some of the country’s housebuilders got pointed the finger of putting profits before their social conscience while they are aware that they need to build homes for families they also have shareholders to answer.

Land Banking

The media had made it publicly known that there was a situation with land banking.

Land banking is a real estate investment scheme that involves buying large blocks of undeveloped land with a view to selling the land at a profit when it has been approved for development

Thanks to consolidation, some builders have inherited land into their organisations which is on a leasehold basis.

It’s a debatable topic that they offer both leasehold and freehold properties for sale so that buyers can make an informed choice.

What About the People?

Many people had felt that the market had swayed much too far towards leasehold when it came to light how much profit the Builders had been making off the back of the leases.

Things came to a head when the Chief Executive of one of the UK’s most prominent Builders received a bonus of over £100m. At the time, this was one of the most substantial bonuses paid in corporate history.

Some Leasehold Homeowners were shocked when they were being quoted thousands of pounds in fees when they sought permission to make alterations to their homes.

The fees were being charged by their Leasehold Management Companies.

Some of the annual ground rents were to double every ten years and owners could see that selling their home in the future once these increases have kicked in would be more difficult.

In Parliament

After notifying their MP’s and getting the subject debated in Parliament, the Government agreed that if you were buying a house (not a flat or apartment), then it is reasonable that you should own the freehold.

What can you do?

If you are in the situation of owning one of these houses and you didn’t realise if it was leasehold, then you should have been made aware. If you feel that the Solicitor acting for you did not give you the full facts about the lease you signed, you should re-contact them immediately to investigate why.

You can contact the freeholder at any time if you are interested in buying the freehold from them.

In addition to leaseholds, there is the issue of service charges.

When Councils grant permission for Housebuilders to build on the land, they don’t always agree to adopt the common areas such as

  • Grass verge
  • Roads

That means that the upkeep of these areas needs to be outsourced, usually to a private company. The owners in the area then make a financial contribution to this maintenance work on top of their council tax, this can happen whether the house is leasehold or freehold.

Service Charges

The costs of service charges can increase. Sometimes the residents in the area get together to form an association which might allow them to choose a different service provider.

If you are considering buying a leasehold property, take advice from your Solicitor regarding the lease.

What You Should Know About This Year

Knowing Long Lead Items Early Speeds Up Construction Schedules

Sometimes when you are planning about construction, you need to know that there are some materials, products, and some items in the construction which for sure will take much longer to be ordered, manufactured, or even imported to initiate for the construction to proceed and this is something which will affect the construction schedule to a greater extent. Such items are categorized as being long lead items in the construction industry which can be abbreviated as Los. In most cases, they are the ones seen in pre-engineering buildings, generators, elevators, some equipment that needs helicopter lifting, electrical switchgear, imported products, and some fancy finishes. For sure the construction process will not have to continue without these items present on the site and for this reason, you will have to wait for a long time before they arrive since at some point, they might not be local and importation or manufacturing is something that might be causing the delays.

It is important for you to make sure you are understanding more about these items and identifying them early in the construction is important so that you have a working plan that will enable you to reduce the waiting time for the items to arrive. When you have an early guess of these items, it will be possible for you to make an early ordering for the items and this is an important aspect in the construction since things like delays will have to be minimized to make sure the task is completed in time. Therefore, the architect and the contractor need to be working hand in hand to make it easy to identify these items so that eventually, you have a working budget for the same. Fast track also will be scheduled all with the aim of minimizing the waiting time for the LLIs.

As the designer or the builder, it is important for you to make sure you are having this item under the plan which will make it easy for you to schedule for them so that the quotation time is not affected at all. Engineers are the ones that understand this concept faster and there will be no delays like monthly or weekly delays for the items to be collected so that the construction will be able to proceed very well. The site works and also foundation will have to start even before the arrival of these items on the site which means that the rest of the project will partially rely on the LLIs that have been ordered on the site and hence, up to a certain point, the project will have to stack unless when the LLIs have arrived.

In the process, it is also important for you to make sure you are mitigating the delays simply by the use of substitutions or even paying incentives to the manufacturer which will have to work but sometimes it will not guarantee you the results that you need. Therefore, the only solution is for you to have the builder determining these LLIs in advance and order it right away.

Where To Start with and More

“>The Key Elements of Great