Insurance claims for roof damage can be a critical matter for homeowners dealing with the aftermath of severe weather conditions or unexpected accidents. Roof damage can vary widely, from minor leaks to catastrophic collapses. Understanding the insurance claim process is essential for an efficient and effective resolution.

Navigating the claim process requires knowledge of the policy details, the extent of the damage, and the steps needed to file a claim. Homeowners must be able to accurately assess the damage and document it comprehensively, which is a fundamental step in the claims process. Insurance companies will investigate the cause and extent of the damage to determine the amount of coverage provided under the policy.

Homeowners should conduct regular inspections, keep their roofs in good repair to prevent unnecessary damage and understand their insurance policy's specific requirements and coverage limits. Immediate reporting of damage to the insurer can expedite the claims process and lead to quicker repairs, which helps to avoid further damage and additional costs.

Understanding the Basics of Roof Damage Claims

When filing a roofing claim, homeowners must understand the types of roof damage that are commonly covered by insurance and the causes that lead to such damage. Recognizing these aspects can facilitate smoother claims processing.

Types of Roof Damage

• Wind Damage: This manifests as missing shingles or damaged flashing, often due to strong winds.
• Hail Damage: Characterized by dents or bruising on shingles, indicating hail strikes.
• Aging and Wear: Over time, shingles can crack or curl, reducing roof integrity.
• Debris Damage: Falling objects such as tree limbs can puncture or fray roofing materials.

Common Causes of Roof Damage

• Weather Events: Severe storms, hail, wind, and rain are primary culprits of roof damage.
• Lack of Maintenance: Neglecting regular inspections and upkeep can exacerbate minor issues.
• Poor Installation: Roofers in Gresham must ensure correct installation to prevent premature roof failures.
• Material Quality: The lifespan of a roof is also dependent on the quality of materials used.

The Insurance Claims Process for Roof Repairs

When a homeowner experiences roof damage, navigating the insurance claims process is critical to cover the costs of repairs. This section provides a clear overview of each step, from initial claim filing to repair authorization, ensuring they can confidently approach the repair with a company like Gresham Roofing & Repair.

Filing Your Claim

Once roof damage is discovered, the homeowner should immediately contact their insurance provider to file a claim. They need to provide detailed information about the extent of the damage and any related incidents. It is beneficial to document the damage with photographs and a written description. If they have chosen a roofing contractor such as Gresham Roofing & Repair, including the company's estimate can expedite the process.

Inspection and Assessment

Following the claim filing, the insurance company will typically send an adjuster to inspect the roof damage. During this stage, ensuring thorough documentation and evidence of the damage is key. The adjuster assesses the severity and cause of the roof damage and determines if it falls under the coverage terms.

Claim Approval and Repair Authorisation

Once the insurance adjuster completes the inspection and assessment, they will decide on claim approval. If the claim is approved, the homeowner will receive detailed information regarding the payout amount and the process to begin repairs. Homeowners should obtain written authorization before proceeding with any repair work. Roofing contractors, like Gresham Roofing & Repair, will then receive the green light to start repairing the roof according to the agreed terms with the insurance provider.

Repair commencement is contingent upon the approval of the financial aspects by both parties involved - the homeowner and their insurance company.

Buying a property is immensely stressful at the best of times, so having the whole process frozen part of the way through has been excruciating. Even now the housing market has re-opened in England, there’s plenty of fresh agony to come.

One of the most worrying questions for the hundreds of thousands of people who are mid-purchase, is what’s going to happen to house prices, and whether that means they should go ahead as planned, pull out, or renegotiate.

There’s a broad expectation that prices will fall this year. But nobody really knows how far, how fast, or for how long. It makes it nigh-on impossible to be certain of the best approach.

However, there are five questions you can ask yourself, so you can be sure that whatever the outcome, you made the right decision for your own circumstances.”

• Have I over-stretched myself – and therefore is this a good opportunity to avoid a mistake?

In a rising market it’s always tempting to push your budget to the limit – and sometimes beyond. If you felt under pressure to offer more than you could really afford, or if your circumstances have changed as a result of the crisis, the purchase may not make sense any more.

• Would I rather live somewhere else – and does this give me the chance to do so?

Every house purchase is a compromise, but if you made compromises you’ll struggle to live with because you couldn’t afford what you wanted, a falling market could push more attractive properties into your price range.

• What’s the cost of pulling out – and is it worth it?

If you’ve already exchanged contracts, losses could be really substantial. The seller has the right to keep your deposit, and there could be penalties on top. Before you exchange, there could still be significant costs. If you’ve done searches and paid surveyors and lawyers, you could lose thousands of pounds. Even at the early stages, if you’re a first-time buyer, this could end up costing you thousands of pounds more in rent if you go back to the drawing board. Before you make any decisions, calculate what you stand to lose.

•  Am I planning to be in the property for a while - in which case do price drops really matter?

It’s only natural to worry about falling prices – and the risk that you’ll pay over the odds. However, this matters far more if it’s somewhere you’ll be selling in a couple of years, so you end up with less than you started with – and even risk falling into negative equity. If you intend to live there for a reasonable period, there’s every chance prices will have recovered when you come to sell.

• Am I prepared to risk losing this property? Which is always a possibility if you want to negotiate.

If you really want to buy the property, but you’d like a price reduction to protect you from future price falls, you can contact the seller through the estate agent and open negotiations. You may well get a reduction of some kind, because it’s a buyers’ market at the moment. However, any time you try to negotiate, you need to be prepared for them to refuse and take their chances back on the market. If this is the home of your dreams you need to be certain you’re prepared to risk this.

Nine out of ten young people want to buy a house, but recent analysis revealed just one in four will achieve it by 2026. From partnering up to selling prized possessions, people are resorting to to secure their place on the property ladder.

If you’re one of the lucky ones and you’ve finally managed to rustle up a deposit, you might be wondering: what’s next? After all, it’s easy for tunnel vision to set in when your eyes are on the prize for so long.

There are lots of other practical things to consider when you buy your first home. Here are eight of the most essential:

1. Mortgage options

All mortgages are not created equal, so the deal you find can make a big difference to what you can afford. Always seek mortgage advice – it’s important not just to find the best interest rates, but also because you’ll get a more accurate picture of what you can afford.

Factors like your income, whether or not you have a partner and both of your credit scores will affect the amount you can borrow. Online loan-to-income calculator tools can help, but it is always better to seek professional advice.

Make sure yours is independent, so they won’t try to sway you towards a particular product.

2. Solicitor fees

If you thought saving thousands of pounds for a deposit was enough to secure the keys to your very first home, you may be in for a shock. There are lots of other costs to cover – including solicitor’s fees.

The average cost of solicitor fees for buying a house is between £500 and £1,800 in the UK but this depends on how complicated the sale is. If your solicitor comes up against complex ownership structures, the charge may be higher, so always set a budget aside for this.

The average cost of solicitor fees for buying a house is between £500 and £1,800 in the UK but this depends on how complicated the sale is.

3. Life insurance

Buying your first home is an exciting time; death isn’t part of the plan. But, taking on a big financial responsibility means you need to plan ahead. This is especially true if you are buying with a partner: if they died, would you be able to foot the bill?

Purchasing life insurance is an important part of taking on a mortgage. Compare all types of life insurance to make sure you understand the best options for new homeowners – like decreasing-term insurance.

4. House insurance

Some mortgages require you to take out a house insurance policy as part of the deal, so this is also part and parcel of becoming a homeowner. Buildings insurance protects both you and your mortgage provider against the risk of damage to the structure of your home from things like subsidence, fire and extreme weather.

Always take out a buildings insurance policy to cover the potential cost of rebuilding your house after severe damage.

5. Protecting your deposit

Many couples buy their first homes together because it is so much more viable than going it alone. Your combined income is much higher, you pose less risk to lenders and you’ll be able to save for a deposit worth twice as much. This reality is attracting more friends and acquaintances than ever to buy a house together – a decision that can come back to bite unless the right preparations are made.

Instead, consider setting up a Declaration of Trust so that you will become ‘tenants in common’ and hold specific shares of the property. Speak to your solicitor about the options.

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6. Booking a surveyor

Homebuyer surveys help you to avoid unexpected costs. When you consider that the average cost of a boiler is now as much as £2,500, this is not a step worth skipping.

To find a reputable surveyor, enquire at an association like RPSA or RICS.

7. Stamp duty

They say two things are certain in life – taxes and death. Stamp duty is the tax you pay when buying a new house and it’s an important consideration for first-time buyers.

There is no stamp duty for properties worth less than £300,000, but if you’re a first-time buyer in London or the south-east, you might need to factor in a significant tax bill. Rates can be as high as 5% – which is a significant sum of money.

8. Negotiation

Finally, don’t forget negotiation. When you have had your eyes set on a goal for so long, you may be tempted to offer the full asking price – but this could be a mistake.

Keep an eye on the market and don’t be afraid to renegotiate after your surveyor creates their report. This way, your new house can be a great asset as well as a cosy new home.

First time homebuyers looking to purchase an abode for the future can look to six savvy tips from the conveyancing experts at jmp-solicitors.com.

Here’s a list of savvy tips for first time homebuyers.

1. Decide on a realistic budget

When purchasing a home, the deposit isn’t the only cost you’re going to need to cover. As well as the budget for a deposit, which will be around 5%-20% of the value of the home, there will be a number of initial fees such as the valuation fee and the surveyors fee, as well as the additional parties to pay such as the lender/broker fees (if first time buyer no estate agents fees) and the conveyancer. There is then the fees associated with the mortgage including the booking fee, arrangement fee and mortgage valuation fee. We recommend saving an additional £2,500 on top of your deposit to cover the costs.  Please be aware that if more than one person is purchasing and they have already owned a property then stamp duty will be payable even though the other person has never owned a property anywhere in the world before.

2. Find a suitable conveyancer

It’s important to find an experienced conveyancer who will provide a thorough service when you’re buying a home. Your conveyancer will be able to give legal advice, handle contracts, undertake important searches, deal with the Land Registry, and the transfer of funds. Many estate agents will recommend a conveyancer, but it’s important to undertake your own research to make sure you find the right one for your particular purchase. Ensure that they are certified by either the Solicitors Regulatory Authority or Council for Licensed Conveyancers or the Law Society.

3. Take extra care in filling out paperwork

Miswritten paperwork is a common cause of delays when it comes to buying your home. It is important to ensure you read all contracts in full detail and fill in all paperwork openly and honestly. Any incorrect paperwork could lead to a great deal of legal problems in the future. Taking a little extra caution when filling in forms and applications can save you a great deal of time in the long run.

4. Be patient 

While you may be itching to get into your new home, it is vital that all aspects of the process are dealt with thoroughly. Sometimes the conveyancing process may involve a lot of paperwork and additional enquiries, but it is important to understand that all the legal aspects are being done in your best interest as a first-time home buyer. Aside from conveyancing, the mortgage arrangements, estate agent negotiations and the actual moving in process will also take some time.

5. Uphold good communication with your agents

Ensure you are always kept in the loop with the seller, your estate agent, mortgage advisor and conveyancer. When you have decided on a property, you want the process to be as smooth and hassle free as possible, so don’t be afraid to keep pestering your agents. In the same way, make sure to keep your phone on at all times in case you need to be informed of any major turning points. Additionally, keep up to date with your emails, including checking your junk, as conveyancers will often send over documents via email.

6. Ensure you are fully satisfied with your final arrangements and negotiations

For first time home buyers, you may go into a contract not fully understanding what is in your best interest. Your conveyancer will be able to provide you with the best possible advice to ensure you get the best deal for the short and long term. If at any time you are not satisfied with your agreements, it is vital you speak with your conveyancer and they will endeavour to resolve any issues before it is too late.

It is very likely to be the most significant purchase you ever make. Because of its long term ramifications, you want to take the process seriously. Below, the experts at Crawford Mulholland provide Finance Monthly with a simple guide to buying your first home.

1. Are You Ready?

First, you want to examine whether or not you are actually ready to purchase a home. Buying a home isn't something that you should jump into without proper preparation and knowledge. While owning your own home might sound appealing, it involves a lot of maintenance and ongoing work. When you own a home, you are responsible for paying all of the repairs and you are going to be responsible for paying for the respective taxes, insurance, and everything else. Because of this, you need to figure out if you are financially ready for such a leap.

2. Budget For Other Costs

You want to be sure that you are factoring in the costs that you might not necessarily be looking at initially. There are plenty of costs associated with buying your own home that you have to factor into your buying decision including but not limited to the removal costs, stamp duty, the initial furnishing, the survey costs, the solicitor's fees, and more. Make sure that you are factoring in everything when you are making a buying decision.

3. Shop For A Mortgage

Once you have decided that you want to go ahead and purchase a home, you want to shop around for a mortgage. This way, you will be able to minimise the interest rates that you are forced to pay on the mortgage. You will be able to search for some of the best mortgage rates online in order to find the best deal. You want to find the best deal because it will end up saving you a lot of money in the long run and you will need to look to see which type of mortgage would best suit your family.

4. Find The Right Property

When you are shopping around for your first home, you want to take the necessary steps in order to find the right one. Finding the right home is very important because you don't want to make such a large investment in something that you are going to regret later on. Take your time to figure out where you want to live and find a home that is suitable for you to live. You should be looking at the different properties in the surrounding areas that you would like to live to see whether or not you can find a place that you would love to call home. Don't rush the search process because it is going to dictate where you live for the foreseeable future. You want to factor various things in this process including how long the home has been on the market, why the property is being sold, and what is included in the sale.

5. Prepare To Negotiate

If you are going to be purchasing a home for the first time, you want to be prepared to negotiate. Without proper negotiating, you are not going to minimise the total price you end up having to pay for the property.

Overall, there are plenty of things that you can do to make the process much simpler. By following the tips above, you should be able to maximise your chances of finding a great home to purchase as a first time home buyer.

One of the top things that you need not skip is the "staging" process. This is the phase where your house will be readily available for potential buyers to see. Not only does this help you sell your property faster, but it even helps you add a few more pounds and value to your house for sale. Listed below are some tips on how you can prepare for your house's staging process.

1. Declutter

Go over your entire home and de-clutter your space. Whether it's a one-story home or a three-story house filled with lots of rooms and baths, you may want to go over your things declutter those that you're not using at all. Give it to charity, sell them, give it to a friend. If you've not used it for months, then it's probably best that it goes. While you may not be including furniture pieces at home along with the sale, this is still an important process because we want to make sure that potential buyers won't see the house in a "messy" and "cluttered" state.

2. Re-Paint

A fresh lick of paint will immediately transform an old-looking house and give it a fresh, new look. Make sure that when you're showing your property to potential buyers, given them a nice impression. Show them how beautiful the property is, and they can't appreciate it if the paints are all chipped, old, and dusty. Choose neutral colors for the paint and avoid personalizing the house too much. This way, buyers can see the true beauty of the home and they can do the personalization themselves.

3. Keep It Clean And Minimal Looking

If there are minor repairs that need to be done, do it. Do you have holes in the wall? Fix it? Are the door knobs broken? Replace it! We want to make sure that the house looks clean, refreshing, yet minimal looking. Do not over-decorate. It's hard to appreciate the entire house when it is filled with large furniture and overwhelming with home decor.

You may also want to do a general cleaning this time. If you can't do it, hire someone to professional help you with this. Get rid of the lime streaks if any, clean the windows, make sure that the floors are waxed - until every inch of the house is squeaky clean.

4. Upgrade Your Kitchen!

Did you know that the kitchen is one of the most precious and well-prized of your home? Many people's decisions make or break when it comes to the kitchen. Resurface your kitchen cabinets, replace the tiles or clean them if they're all filthy. You may also want to consider upgrading your kitchen countertop. It may be a little bit expensive, but it definitely adds a lot more value to your home and helps you sell it at the best price.

5. Keep It Light And Airy

Give your guests a welcoming feeling. Make sure that the house doesn't have furniture that is too squished or too close together. Making it look light and airy adds value to your house and can even help you sell it at a higher price.

6. Keep House Smelling Clean!

We don't want potential buyers stepping into your home while the house smells stinky! If there are drainage problems, it may cause odor and we don't want to just patch that with a band aid. Instead, to add value to your home and to make sure that it sells quickly at the best price, fix the source of the problem.

During a house visit, you may also want to bake some cookies or bread, as it helps them feel at home. Or, you can add some diffusers for a nice smelling home with therapeutic effects too!

8. Work With An Estate Agent

Lastly, to make sure that you won't be ripped off by potential buyers, make sure that you work with an experienced real estate agent. Find one that has extensive experience in this field and one that can help you further increase the value of your home. When giving potential buyers a tour to your home, let the agent do the talking. They're the ones trained and they know exactly what to say, to help you get the best price and even sell the home much quicker.

What are the key misconceptions among buyers in relation to mortgages?

Most buyers are scared of a mortgage payment, as they feel the weight of it when compared to renting. I like to educate my clients on the difference between buying and renting. Take for example $1,500 a month in rent, which translates to $360,000 in 20 years that you will pay a landlord. Now, if you had a mortgage for the same amount of money, you keep this money and in most cases, there will even be a return of investment.

What are the key challenges that your clients face before applying for a mortgage and how do you help them overcome them?

Honestly, down payment and affordability are the key challenges that most clients face. I have several down payment assistance programs available for clients who have been trying to save but would qualify for a certain program which benefits them. I also educate my clients on the benefits of buying what they can afford. Most people want $100,000 more than what they can afford - I have clients who want a $500,000 mortgage but only qualify for a $400,000 mortgage. It is interesting to see how most people want $100,000 more than what they qualify for in terms of mortgages. This trend of wanting more is always a variable even with clients who want a $1,200,000 mortgage.

What strategies do you implement to minimise financial burdens in regards to mortgages for your clients?

I qualify my clients based on what they can afford. I also give them realistic expectations. It is better to try to pay off what you might owe little by little than to think that your mortgage payment will be lowered with a refinance in the future. A mortgage is a long-term commitment and home prices and rates have many ups and downs during its lifetime.

Most buyers are scared of a mortgage payment, as they feel the weight of it when compared to renting.

What are the particular challenges that mortgage brokers in the US have been facing over the past year in relation to changes in what customers expect in terms of products and services?

Mortgage brokers have the best options. As brokers, we can shop around several lenders and give our clients the best rates and terms, while direct lenders can only provide what their one lender can offer. This is the lenders’ biggest challenge. In some cases, they can shop around different lenders but this comes at a higher cost for the client.

What motivates you about helping people with their mortgages?

I keep trying to perfect my entire process by adding value. I want my clients to save money and enjoy the process. Each loan has some sort of complication and I am addicted to helping my clients overcome them, as seeing them happy is very rewarding.

What would you say are the specific challenges of assisting clients with mortgages?

We need more programs. I think it’s time for the 40-year fixed mortgage loan and cheaper down payment assistance programs to become present - this will open the doors to a lot of new buyers. We have all types of buyers and need all types of programs.

Buying a home has been a cornerstone of the American Dream. It brings us joy and gives us a sense of pride. It also stimulates the economy by providing work to architects, engineers and contractors. A proud homeowner will eventually also want to buy a barbeque grill to add to their new home and that continuous investment in their house will continue for years to come. Projects are never-ending - I am a homeowner and there is always a project we want to do in our home.

For more information, please go to https://www.USAFC.com

New research from MoneySuperMarket reveals that, amongst younger age groups, saving for a house is a far higher priority than saving for retirement.

Homes are by far the most important savings point for millennials, with 23% of 18 – 34 year olds saying that they are saving for a house above anything else. Those saving for houses are more prevalent among the younger side of the age group – as the figure saving money towards their home rises to 39% among 18-24 year olds.

Only 4%, however, say their primary savings concern is retirement, and 33% of millennials don’t have a pension pot in place. Even those who do aren’t keeping an eye on it, as a further 53% don’t know how much is in their pot.

Many people in the UK haven’t even started thinking about saving for when they stop working. Most have no idea how much they need to save to live a comfortable life in the future, underestimating the cost of retirement by £169,000 on average. However, whilst home ownership can seem like a pipe dream for many young people in the UK, the fact that a house was by far the most prioritised aspect to save for amongst the younger age groups shows that many are still hopeful they can get their foot on the housing ladder.

Using consumer research, MoneySuperMarket has built an interactive tool that people can use to see how prepared they are compared to their peers, with results tailored by the user’s age and gender.

(Source: MoneySuperMarket)

While the uncertain impact of volatile market conditions, and of course Brexit, remain to be seen, businesses of all sizes are having to adapt to become more flexible than ever before. Even the most well-established businesses with enough capital to sustain sudden expenses, are reviewing what were previously assured and predictable growth plans. Philip Sugden, Operations Director at Portal Group UK, explains more for Finance Monthly below.

A business’s property profile is one of the most costly financial investments to be made and over the years the associated fixed rental rates are amongst the standard steps taken in establishing a solid presence for your business.

That cost certainty however, came at a price of the flexibility that is now critical in the modern and reactionary market place.

New businesses are growing at an entirely unpredictable rate while some large established businesses are seeking the autonomy to customize a workspace to better respond to supply and demand. However, with office space at a premium, both large and SME businesses are finding it harder to find a premises that can fill their present and future without breaking the bank.

The possibility that you might need to expand, reduce, reallocate or relocate your workforce at the speed required, particularly for example in the contact centre environment, is extremely costly and entirely impractical under the traditional office lease.

Whether a business is expanding or simply relocating due to success or commercial needs, budgets can no longer be front-loaded into capital expenditure laden construction or leasing of properties.

When considering the growing need to balance financial flexibility with cost certainty in the UK, it’s also interesting to note that our leasing habits differ vastly from the norm abroad. For example, while companies here have traditionally committed to the surety of long 10, 15 or even 20 year leases, the average is closer to three years in the US or India.

While these short-term lets would be at odds with the business growth plans of most UK businesses, more and more businesses of all sizes are increasingly exploring more flexible yet capex-free models.

The likes of managed office solutions (MOS) financial packages, which combine property acquisition, workspace design, fit out, facilities management and supporting services, reflect the emphasis now being placed on financial flexibility and the more expansive use of fluid operating costs (opex).

With simple, streamlined systems and structured terms, business owners can invest their time, effort and money into their businesses, not bricks and mortar.

Simply put, the new wave of shared offices options are allowing start-ups and multinational businesses alike to not only access all the amenities they need at a cost-certain price, but to work within a flexible financial model that fosters their own unique growth and culture.

In this guide, experts at ABC Finance help Finance Monthly break down what commercial mortgages are, how they work, how the application process works and how much you’re likely to pay.

What is a commercial mortgage?

Commercial mortgages are, much like residential mortgages, a long-term long which is used to purchase or refinance a property. As with residential mortgages, the lender takes security over the property or land in question and allows you to borrow money against it.

Commercial mortgages aren’t just used to raise money against commercial or semi-commercial property, usually almost any security can be considered. It’s common to see a commercial mortgage used to fund land or even predominantly residential security, such as large HMOs, large buy to let portfolios and holiday lets.

Commercial mortgage uses

Funding can be arranged for one of two main reasons:

• To purchase or refinance a property for your business to trade from;
• To purchase or refinance a property as an investment.

Although almost all applications will come down to one of these two reasons, each application will have its own intricacies and lenders will be flexible in understanding your circumstances.

As mentioned above, unlike residential mortgages, commercial mortgage lenders are generally quite flexible in the security offered. Commercial mortgages can be an ideal option for unusual properties, or even to raise finance against land.

The documents needed to apply for a commercial mortgage

When you apply for a commercial mortgage, the lender will usually want to see a number of supporting documents to help them assess your application. Although the exact documents required will vary from lender to lender, there are a number of documents that are commonly requested.

Firstly, the lender will want to check that the proposed mortgage is affordable. To do this, they will request a copy of the latest two years accounts for owner-occupied applications, or a copy of the lease, or leases for investment properties.

These documents are used to assess the proposed repayment against the money coming in.

In addition to the accounts or leases, the lender will also request 3-6 months bank statements, which will be used to check your account conduct. This gives the lender an understanding of how much of that income is left at the end of each month, and how well the account is managed.

For investment properties, only personal bank statements are required. For owner-occupied properties, the lender will also request your business bank statements.

The final document that is requested on almost every application is an assets, liability, income and expenditure summary. This gives the lender a breakdown of your personal cash flow and net worth positions.

This document provides a simple insight into your personal finances and alerts them to any potential future problems.

How are commercial mortgages assessed by lenders?

The processing of commercial mortgage applications is more of a manual process than residential mortgages, which are largely assessed by a computer.

Lenders will often take a common-sense approach to situations and will look at the bigger picture to fully understand the circumstances surrounding the application.

The other big difference between residential and commercial mortgages is that the valuation is undertaken later in the process. A surveyor is not usually instructed until after the mortgage offer is issued.

As a result, applications tend to take longer than standard mortgages, with applications usually taking 6-8 weeks to complete on average.

Commercial mortgage rates and terms

Commercial mortgage rates can vary widely between lenders. For an owner-occupied application, rates of between 2.75% and 3.75% are average for high street lenders.

Commercial investment rates range from 2.85% to 4% on average from the high street banks.

Challenger banks will usually charge a little bit more but will be more flexible in their lending criteria. Rates start from 4.29% and tend to hit around 7% for higher risk, higher loan to value applications.

In addition to the interest charged, lenders will usually charge an arrangement fee of between 1.5-2%. This is usually paid on completion and can be added to the loan in most cases.

Robert Hoff founded Mountain State Financial Group in March 2015 after 15 years of experience in banking, investment, and finance. It was during this time that he saw the many opportunities for improvement in the finance industry, particularly for home mortgages. Thus, he decided to tackle these issues head on by starting his own mortgage company to help clients directly.

Mountain State Financial Group is a mortgage brokerage firm built around the idea mortgages can be done better. As the president of MSFG, Robert likes to stay close to the clients and their mortgage advisers to ensure that the company is able to act quickly to changing circumstances and opportunities. His team is comprised of highly competent and experienced individuals who share Robert’s belief in raising the bar in the mortgage industry. Below, he tells us more about his company, the motivation that drives him and mortgage trends in Colorado.

Have there been any interesting recent trends regarding mortgages in the state of Colorado?

Home prices continue to outpace wage growth and have for a number of years. Unfortunately, this is inhibiting many from pursuing a new home – especially first-time homebuyers with limited inventory on lower-end homes, which leads to bidding over asking price. This often puts first-time homebuyers on the sidelines, even though they may qualify to purchase a home. This stalls home ownership for many, especially in a market where both home values and interest rates are trending higher. In some situations, these individuals wait too long until home prices and interest rates are too high to qualify for a mortgage.

In addition to inhibiting potential first time homebuyers from purchasing, rising home prices are also pushing many clients into High Balance and Jumbo mortgage programs, which are often more expensive and restrictive than loans below the conforming loan limit. This is also keeping existing home owners in their current homes instead of selling and buying new homes, which is tending to lock up inventory even further.

What are the most common mortgage solutions that Mountain State Financial Group helps clients with?

One of the greatest ways that Mountain State Financial Group adds value to clients is by simply being financial experts. That generally involves asking more questions and gaining a better understanding of what the clients want and need. Situations are always changing, so the mortgage solutions we provide do as well. For our clients, the most important thing is that we have the know-how and product availability to meet and exceed their needs and expectations.

One piece of advice I would offer to homebuyers looking for the right mortgage broker is to search for a lender who has seasoned professionals and a deep bullpen of investors. Too many mortgage companies out there call themselves brokers, but they just push all their business to one or two investors. This doesn’t provide great value to the home buyer. MSFG has strategic partnerships with various investors specialising in specific areas - whether it be pricing, underwriting, or loan criteria.

What are some of the issues that your clients face before applying for a mortgage? How do you help them overcome them?

Unfortunately, the market is flooded with mortgage originators who are under qualified and inexperienced, which puts potential borrowers at risk. This makes it crucial to understand how to find a professional firm. At Mountain State Financial Group, we start by simply educating potential borrowers about mortgages. Once armed with new knowledge, we encourage borrowers to compare programmes, and price. Sorting the wheat from the chafe can be cumbersome for borrowers, so we feel it is our duty to assist these potential clients in understanding and choosing a mortgage broker, even if it ultimately means not becoming one of our clients.

Other issues that plague borrowers before applying for a mortgage include understanding the effects of different down payment amounts, credit concerns, and what they can use as qualifying income. MSFG assists with down payment options, credit repair contacts, and, perhaps most importantly, we understand the different types of income streams that can be used to qualify for a mortgage. Experience in the finance and mortgage industries simply can’t be stressed enough.

What motivates you about helping people with their mortgages?

Our founding principle motivates us daily. We aim to simply make the mortgage process better. The reaction we get from clients when expectations are exceeded is priceless. Great mortgage brokers take something incredibly complex and make it incredibly simple. We take pride in doing this right and strive to deliver what we say we’ll deliver 100% of the time.

Website: https://www.msfg.us/

To hear about mortgage misconceptions and the challenges that potential homeowners face in California, Finance Monthly talks to broker and owner of Mortgage Express – Carole Ryan.

What are the key misconceptions among buyers in relation to mortgages?

Buying your first home should be an exciting and fun endeavour, but I think a lot of potential first-time homebuyers are held back by misconceptions of the loan approval process and the fear they may not qualify. Two of the biggest misconceptions are that they need 20% down and perfect credit. But not anymore - Fannie Mae’s, HomeReady mortgages, and Freddie Mac’s

Home Possible® and Home Possible Advantage® mortgages are new and innovative conventional programs that bring a whole new set of underwriting guidelines to help more low to moderate-income borrowers realize their dream of home ownership. Down payments of 3%, FICOs starting at 620 with most lenders, and higher debt-to-income ratio’s in some circumstances.

Another change by Fannie and Freddie that took effect on 1 January 2018 will also help buyers buy more with less down. The conforming and high-balance loan limits were increased. Now buyers can put 3% down on loans of up to $453,100, whilst in high-balance areas, from $453,101 to $679,650, the minimum down is 5%. The bottom line here is that if you are seriously interested in buying a home, there are options out there to help your achieve your dream of homeownership. The only thing that you have to do is to take the first step - find a good lender and get preapproved.

What are the key challenges that your clients face before applying for a mortgage and how do you help them overcome them?

As a broker with over 25 years of experience in mortgage lending, I work with all types of buyers. I find that almost all of the clients that I advise face challenges revolving around what I call the BIG 3 - income, credit and funds to close. If we have a debt to income issue, we look at adding a co-signor, and/or paying off debt, or as a last resort - buying less. I help borrowers resolve minor credit issues that don’t keep them from getting a loan, those with major issues, I refer to a great credit restoration company I work with.

There are several solutions for funds to close. The easiest one being a “gift” from a family member, a lender credit, based on the interest rate chosen, a seller credit, a loan against or liquidation of a 401K, and of course a variety of down payment assistance programs.

What makes your company unique when compared to your competitors?

What makes me and my company unique is very simple - I’m able to provide incredible hands on service to my clients, built around their schedules and needs. Mortgage Express is my company and I handle all of the loans that I work on personally - from pre-approval to close of escrow. This allows me to oversee my files, keeping everyone involved in the transaction updated and being sure we’re always on track to meet the closing date. I meet with borrowers on-line in a unique screen share, based on the time of day, night or weekend that is convenient for them, whilst they can attend from the comfort of home. This allows me to show them, in real time, how their income, debt and assets affect the loan they can qualify for, as well as ways to restructure the loan in different ways, based on their needs. All of this as they watch, ask questions and request changes. It’s also a great opportunity for me to educate them about the processes we will be going through so they know exactly what to expect, including our time frame and the items I will need them to take care of. No screen share would be complete without an explanation of how lenders pricing works, showing them the different interest rates, and how pricing adjustments affect the options they will choose from. We wrap up with me preparing an estimate of funds needed for closing. The real magic starts when they get an accepted contract and escrow is opened. In a matter of a few days, I have the loan submitted, appraisal ordered and our initial loan approval. My average closing time is 21 days.