Why do people use insurance brokers?

Insurance brokers are only here to help you. Like mortgage brokers are the middlemen between their client and the lenders, insurance brokers are the middleman between you and the insurance companies, and finding you the right policy is what they do best. With so much going on in our world, having life insurance is great for giving you and your loved one’s peace of mind. Insurance brokers can find you great deals, save you time, help you to understand the policy, and overall have a better understanding of a number of insurance companies.

Since insurance brokers have access to multiple companies, they are able to get you a great policy with a premium that will work for you. They will ask you a number of questions to get a better understanding of what type of coverage you are looking for. From there they are able to show you several possible policies and explain each of them in enough detail for you to fully understand what each of them covers.

Understanding your policy and what type of coverage you have is …

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How to buy properties in Bulgaria

Hello my name is Hristo Dimitrov. I’m a student from Varna Bulgaria. I’m new to Irish Mortgage Brokers.

Today my topic is how to buy properties in Bulgaria

 

-First time buyers

When Bulgarian people are buying a home, they have some problems researching the right home for themselves.

They are also not familiar with how to buy a home. They always have problems and some may come across real estate fraud. So I will show you some helpful tips to follow:

Estimate your budget.

It is important to know how much money you are willing to spend on buying an apartment and navigating the cost of housing in your city.

Don’t do it yourself

Get a mortgage. If your own funds are not sufficient but you have a stable income, get a mortgage. Today, banks issue loans for ten to thirty years.

Get ready – wait for a new building.

Primary housing, that is, apartments in new buildings, are, on average, cheaper than second homes. They also have no legal history. And if the developer sells the property, …

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Demand Outweighs Supply: Significant Interest in 500 New Affordable Houses

The Irish Times reports that the County Council of south Dublin has a plan to build 500 new affordable homes. This is the first time a plan has been put in place to build affordable housing in south Dublin for well over a decade. The houses are planned to cost roughly €300,000. Therefore, for first time buyers, in order to purchase, the home buyers would have to place a down payment of €30,000. However, the home buyers could also benefit from the Help to Buy Scheme. Since the home buyers are purchasing affordable housing that is less than 500,000 euro, the first time buyers could receive a tax rebate of 5% of the 300k if the home buyers take out a mortgage of at least 70% of the home’s price. This €15,000 rebate could be very beneficial to most first time home buyers. In addition, the Irish Times predicted that the affordable homes will be 40% less than market price, a significant savings.  

As reported by the Irish times, the homes will be available in three locations. The first time …

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Help To Buy For First Time Buyers

The name provides a definition for itself. First time home buyers are people in the market buying a home for the first time. Compared to other home buyers, such as trader-up borrowers and mortgage switchers, first time buyers have different benefits and restrictions when borrowing than other borrowers. The Central Bank of Ireland requires a 10% down payment for first time buyers. Now, for first time buyers, a 45,000 euro down payment for a 450,000 euro home may be somewhat daunting. However, the Central Bank has offered assistance for their first time buyers to keep them in the market. The Central Bank offers a help to buy program. This benefit allows for first time buyers of new houses and apartments to take a 5% tax rebate off of properties less than 500,000 euros. In a recent case at Irish Mortgage Brokers, a married couple came looking for a mortgage on their first home. The couple did not have a home in mind at the time, but based on their income, the couple had roughly below 500k to spend. Both individuals …

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Bank Refusal to Loan to First Time Buyers

Current issues with mortgage regulations are preventing many first time buyers who qualify for many exemptions from the harsh Central Bank mortgage rules. Data form Central Bank shows that only 17% of mortgages issued last year included mortgage exemptions. Lenders are entitled to issue exemptions for 20% of the value of the loans they issue to first time buyers. This gap in issuance of exemptions has left first time buyers are left desperate and frustrated by the difficult restrictions placed qualifying for mortgage exemptions. Exemptions are needed but people are not receiving them because of the scope for banks to lend more.

The requirements to qualify for the exemptions are extremely complex. This complexity of the rules of exemption is the reason why banks are unable to understand how many exemptions can be used, which in turn makes banks reluctant to approve exemptions. Qualifying for exemptions allow a minority of higher earning home buyers to borrow more than is allowed.

According to the Independent, it is estimated that banks have only issued income exemptions to 11% of first time …

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RTE Primetime featurs Irish Mortgage Brokers

We were asked to take part in an interview on Primetime about house prices and whether or not they were starting to show signs of falling. Our view is that they will fall in time (probably in a damaging way) but that it won’t be soon because supply is still above demand and price indicators like rents are still rising. This is damaging for first time buyers and those stuck paying high rents.

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Affordable Home Schemes

With the current housing crisis in the midst of the country, many plans have been developed to get the country out of its current slump. Some merely get laughed at, while others are well on their way to implementation within the housing market. It is likely that before long these effects will take a toll in the market and we will begin to see some upward movement in home buyer confidence.

The government has been quick to release multiple initiatives set out with the goal to turn the crisis around and allow the market to begin looking up. The Home Loan Scheme recently announced by the government is designed with the strategic plan to provide low-cost mortgages to first time home buyers.

With the first announcement of such a plan, many home buyers are thinking; is this too good to be true? As they have been waiting for an extended period of time for some light to be shed on the crisis that allows them to finally move into the homeowner sector.

The Rebuilding Ireland Home Loan …

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The Solution to the U.S Down Payment Dilemma

Those looking to buy a home in the States are all currently saying the same thing is holding them back….They can’t seem to afford the down payment.

Down payments on houses can be burdensome and oftentimes weigh on the ability to buy a home. In some cases, it calls for years of disciplined saving. Something that can be difficult for someone who wants a home and wants it now.

That’s where the start-up company Loftium comes in with a solution. This is a business started by 29-year-old Yifan Zhang of Seattle.

As someone who has personally heard her friends talk for years about the down payment dilemma, she finally decided to do something about it.

Zhang started as any other Airbnb business owner. Renting out one room in her townhouse to generate extra cash. Little did she know just how much cash she could actually generate.

Quickly into her business, she was earning enough to completely pay for her mortgage and then have some left over!

That’s when the idea dawned.

Zhang decided to eliminate …

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An increase of housing demand for millennials in the US

Real estate is on millennials to do list despite the stalled wage growth and housing market fears in the United States.

The National Association of Realtors show that the amount of first-time home buyers increased 3 percent year-over-year. They made up of 33 percent of the home mortgage market in May.

First-time home buyers can be categorized as someone who has not owned a home in the past three years.

Fannie Mae statistics shows that first-time home buyers make up of 42 percent of all home mortgages from January to April which is up 2 percent from 2016.

As interest amongst the millennials is rising in home buying, whether or not that will be a good idea is at question. The Federal Reserve just raised their interest rates which will affect the millennials in search for a …

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Cash back deals: are banks manipulating borrowers?

The Competition and Consumer Protection Commission (CCPC) warned lenders last month about their use of cashback deals and loyalty discounts. The commission believes that such incentives may be detrimental to consumers and may reflect unhealthy competition in the mortgage market.

 

Cash back deals have become more and more common in the market in recent years. These deals work by giving borrowers a certain percentage of their total mortgage amount back at the start of their loan, and they mostly target first time buyers who may need the extra money on hand to furnish their homes or to tide them through a tough transitional time in life.

 

A quick look around the market reveals that major lenders, such as AIB, Ulster Bank, Bank of Ireland, EBS and KBC, all have similar cash back deals, mostly ranging from 2-3% or €1500-€2000. The catch on these loans however, is that interest rates on them are often higher than the average on traditional loans. This means that over the term of the loan, extra interest paid  may turn out to be much …

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