Fight sinking home loan equity

Falling property prices are making life difficult for homeowners looking to refinance or to invest, but it should not stop people from getting the best mortgage deal.
New statistics from RP Data show home capital values ​​are up 5.3 percent on a year ago, led by the lower heavy falls in Melbourne and Brisbane, which fell 8.4 percent and 6 percent.
While Treasurer Wayne Swan has urged borrowers to switch lenders if they are dissatisfied with their loans, financial experts warn this movement may prove to be costly if not planned properly.
The major challenge faced by many homeowners falling equity markets. Some people who took out mortgages in recent years with relatively small deposits find their loans are higher than their property values.
"Equity is the difference between your home and loan balance, what the property is worth," says Michelle Hutchison City consumer protection rate. "Let's say you bought a property for $ 400,000 with a 5 percent down payment - $ 20,000 - so your home loan balance is $ 380,000.
"When a year later, your house is worth only $ 380,000 and your loan balance $ 370,000, has dropped your capital by 3 percent. So if you wanted to go to the lenders, it would be difficult to find a better deal, plus you would have to Lenders pay mortgage insurance again. "
This type of insurance protects the lender - not the borrower - of loan default on mortgages for which the deposit is less than 20 percent. It usually costs a few thousand dollars, added the original loan balance.
QBE LMI is one of the nation's largest mortgage insurer, and his boss, Jenny Boddington says the recent price declines were not home hard enough to spark a jump in claims.
Says "We see no need for a basic heavy fall in property prices there to be, but there are a lot of confidence involved," Boddington.
She says people with reimbursement questions should talk to their lender as soon as possible.
Assist Finance Chief Executive Jason Tues Julio says do not be afraid to ask for a better deal.
"The banks are very open to negotiating rates," he says. "There are many professional packages and discount packages to borrowers of up to 0.9 percent of the standard variable rate."
Tues Julio says falling property prices have it harder to refinance, especially for investors who are often their own home equity as collateral for further loans.
"The ability to refinance is cut by a tightening credit market," he says, adding that all borrowers should keep an eye on their property value and have a plan.
"Is it to keep your plan to keep the property long term or speculating?"


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