I am a first time home buyer and my contract was accepted back in June and escrow closed end of October. I am in California. Do I qualify for any of the credits and are they still available to claim as of now? Thanks!
No the deadline has passed and you do not qualify for the federal credit. You had to have a contract by 4/30/2010.
I bought my first and only house 3 years ago on a 90% deal fixed rate.
I’m now looking to re-mortgage and having spent £30-40K on the property am hoping that it will be valued at substantially more, perhaps even enough to let me get at the 75% rates.
So how does it work?
Oh, and I’m in the UK and the fixed rate period of the mortgage has expired.
Ordinarily I think I’d go through a comparison checking website to see the best deals and then approach those companies to see what they’d offer. However because of the works I’ve done, extending the house and refitting units the value should be so far above what it was three years ago.
I think the mortgage companies will want me to get a valuation, but without knowing which one I’m going with then I won’t know which companies valuations they’ll accept? What do I need to do first?
Last time I went through an IFA but he’s since now retired.
As the previous Steve has mentioned some areas have dipped in price so you may need to build that into your calculations.
However assuming the value of your house has risen you now have a couple of options. One is to see what your existing provider can offer you in terms of product. They will probably use a desk top valuation eg. no one leaves the office and will be calculated using historical house price movements therefore won’t take into consideration the improvements you have undertaken. They should give you the option of having the house revalued although this will be at a cost to you.
The second option is to remortgage. As you quite rightly said any new provider will want a valuation done. The cost of this will depend on which deal you choose (many have free valuations). Do however be aware that lenders offering free valuations (depending on the company) often use drive by valuations. Its worth checking this out first as again I expect depending on where the extension is if a drive by valuation takes place it will make very little difference.
Do note its the lender that will arrange the new valuation not you as they will want it done by a surveyor of their choice.
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