Mortgage In Europe

Getting a house loan in Italy can offset the High Euro:

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The main advantage of getting a mortgage in Italy instead of the United States could offset the strong European currency. Right now the rates in Italy are generally a little Higher than rates in the US but the difference is not so much and If the currency markets work in your favor, then there are savings that arise from a favorable fluctuation in the exchange rate. If the dollar rises in value against the Euro, then you will need to spend fewer dollars to buy the same amount of Euro you initially borrowed. This means that in real terms, your mortgage has actually decreased and your monthly repayments will be lower in dollars. Alternatively, if there is provision to do so in the terms of the mortgage, then it would be possible to maintain the level of the repayments and clear the debt early with a lower total interest bill. Given the fluctuation of the foreign exchange markets, these variations can be quite sizeable. At one point in 2000, the Euro quoted .83 had declined 15% percent against the US dollar but right now the Euro is 25% stronger at approximately 1.26.

Of course the opposite can be said : your house loan in Italy will cost you more if the dollar will keep loosing ground versus the Euro. Given the relative strength of Euro at the moment, it would seem that this risk is fairly small. In any case, the more that you borrow, the greater your exposure to the risk and the more you could end up having to pay if the currency swings go against your favor.

Most Italian / European lenders will advance you a maximum of 75 percent of the property value for a foreign currency mortgage. This 75% does not seem very high as a percentage to the 'American eye' but is very high for Italy - I remember that only a decade or two ago bank will only loan an affective 50% of the value of the property. Right now if you are considering investing in real estate in Italy could be a good time to have a loan in Euros.

Should you get a quick fix while you can?

With rumours running wild about another interest rate rise next month and fixed rate mortgages disappearing faster than you can say inflationary scary monster, what can homeowners do to protect themselves against painful higher interest rates?

The main reason for the expected rise in the base rate by the Bank of England next month is that inflation jumped from 2.8% to 3.1% in March, as measured by the consumer prices index. Alarm bells rang and the governor of the Bank of England had to write to the chancellor, Gordon Brown, to explain why inflation had risen more than one percentage point above the 2% target.

The only way to kill the inflation beast is to hoist interest rates and, in anticipation of a rise, the City pushed up their swap interest rates, the future rates that the banks and building societies are charged for borrowing. Hence the withdrawal of some cheap fixed-rate mortgage deals from a number of lenders.

The end of cheap lending?

What it means to us is that we won't be seeing the low interest rates of between 3.75% and 4% enjoyed a couple of years ago for some time to come.

The Bank of England put up interest rates by a quarter of a point in August, then again in November and once more in January, taking the base rate to 5.25%. Some economists are now talking about the base rate rising to 5.75% and even 6% (the real scare mongers have mentioned 7.5%). Certainly, most expect another quarter-point rise in May to 5.5% but some think it could be a half a point - the last time the Bank of England moved base rate by more than 0.25% was December 1995.

If the base rate truly is heading towards 6%, mortgage rates could start edging up towards 7.75%, from 7.25% today. And we won't be able to rely on bouncing house price rises to get us out of a tight spot. Economists don't expect the mini boom seen over the last few years to continue. The Financial Services Authority has recently been talking about a 20% fall in house prices.

Fine if you’re on a fix, not if you’re on a variable

Nevertheless, another interest rate rise won't unduly affect the majority of homeowners, because around 60-70% of mortgage borrowers are already on fixed-rate mortgages.

And if you've been sensible and paid a bit extra each month, you've made your own safety net. You could readjust your mortgage payments so you are paying the same as you were before.

That means those on standard variable rate (SVR) mortgages and on fixed rate deals that are just about to end are going to feel the pain the most. Another base rate rise could add almost £50 a month to a £150,000 variable rate repayment mortgage over 25 years and that's on top of three other recent rises.

Too late to get a fix?

Fixed-rate mortgages have been getting more and more popular over the past year because you know what you will be paying every month.

The Council of Mortgage Lenders reported that in February, fears that further interest rate increases could be on the cards caused 87% of first-time buyers to choose a fixed rate mortgage, up from 84% in January.

Following the publication of the bumper inflation figures last week, a number of high-profile lenders withdrew many of their fixed-rate offers, or made them less attractive to borrowers.

Nevertheless, while many fixed-rate mortgage deals have already gone, it's not all gloom and doom because there are a few good deals still on the market at time of writing under 5.5% but you have to hurry.

Which fixed-rate deals should you go for?

Most people take out fixed-rate mortgages for between two and five years. If you want more security, go for a five-year deal. Giraffe Money is offering 5.35%, while Teachers and Britannia building societies both charge 5.39% on their five-year fixed rates. Two-year deals at 5.34% can be had from Stroud & Swindon and Skipton building societies.

But you have to remember if you take out a short-term deal, in two or five years' time you could be paying another lot of fees if you want to switch again or arrange another deal.

You could go for a 10-year, 15- or 20-year fix but the problem with these types of loans is that the redemption charges can be hefty and few of us are willing to take the risk on interest rates.

Norwich & Peterborough Building Society's 10-year fixed rate is currently 5.52%, its 15 year costs 5.74% and its 20 year 5.68%. While you can overpay by up to 10% a year penalty free, if you redeem the mortgage within the term there's a fee of around 6% in redemption charges on the outstanding balance. On the plus side, you would always know how much you will be paying each month but if interest rates fall you could be stuck paying an expensive mortgage.

• This week’s best two-year fixed rate mortgage deals
• This week’s best five-year fixed rate mortgage deals

Alternatives to fixed-rate mortgages?

If you can’t find a good fixed-rate deal, you could opt for a discounted or a tracker mortgage that follows the Bank of England's base rate.

While they can be cheaper than standard variable rate mortgages, they are still variable and your mortgage payment will go up if the base rate rises (it will also go down when rates fall once more).

Remortgaging not right for everyone

However, the problem with switching to a fixed-rate mortgage is that sometimes the fees can outweigh the advantage of the lower interest rate especially if you have a smaller outstanding balance left on your mortgage.

So you have to make sure you do your sums carefully.

NEWS

Recently, dates were added in Nashville and Stateline, NV. Details are listed below.

Beyonce kicked off her world tour earlier this month in Europe and will be overseas through mid-June. Information about those shows, as well as a July gig in Monterrey, Mexico, can be found at the singer's website.

Last September, the pop star released her Grammy-winning sophomore album, "B'Day," to coincide with her 25th birthday. A few weeks ago, she put out a deluxe, two-CD edition of the set that includes five new songs and six Spanish-language tracks. Shakira teams with Beyonce on the lead single, "Beautiful Liar," and Alejandro Fernandez joins in on the song "Amor Gitano." A companion DVD, "B'Day Anthology Video Album" (available exclusively at Wal-Mart), showcases music videos and includes 15 minutes of behind-the-scenes footage.

One of the songs on the deluxe-version CD, "Still In Love (Kissing You)," will not be included in new shipments because of a legal dispute; the tune's co-writers, Des'ree Weeks and Tomothy Atack, recently filed a copyright-infringement lawsuit against Beyonce and her record label, according to the Associated Press.

"Unfortunately, there were some misunderstandings regarding whether Des'ree's song '(I'm) Kissing You' was cleared for release in the United States," Beyonce's management company, World Music Entertainment, said in a statement.

"Kissing You" was originally recorded by Weeks and released in 1996, according to the AP. The complaint alleges that, even though Beyonce's version of the song has an altered title and additional lyrics, the singer and her label failed to get a written agreement for the remake.

Beyonce, who is a 10-time Grammy winner (as a solo artist and with Destiny's Child), has sold 4 million copies of the original "B'Day" album, according to a press release. The set debuted at No. 1 on The Billboard 200 album chart, as did Beyonce's previous release, "Dangerously In Love."

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Paris Night Bicycle Tour

Dates & Times
February 15 - March 14: Tu, Th, Sat and Sun at 7pm.
March 15 - October 31*: everyday at 7pm.
November 1 - November 30: Tu, Th, Sat and Sun at 7pm.
Off-Season: no night tours available.
*no tours June 21 & July 14

Duration
4-5 hours.

Meeting Point
Both the Day Tour and Night Tour meet at the south leg ("pilier sud") of the Eiffel Tower. Look for our yellow meeting point sign.

Price
€26 students, €28 adults - includes bike and guide (Day & Night combo €44 student, €48 adult).

Reservations
Reservations are not required for our Night Tour, but may be made in advance here if you wish.

Comparison of Day Tour vs. Night Tour
Many customers want to know the difference between our Day and Night Tours.

First, the routes and information provided are completely different.

The Day Tour is where you'll get the most information about Paris. We hear one of two comments most often after the Day Tour. Either, "Wow, I'm so glad I took this because now I know what I'm going to do the next few days while I'm in the city" or we hear, "I can't believe I'm leaving tonight because there's so much more here that I didn't know about and I've missed it all."

The Night Tour is simply beautiful. There is more riding involved and slightly less information than the Day tour, but the city at night is fantastic! It is a more relaxed atmosphere than our Day Tour as the wine tends to loosen everyone up a bit.

Most of our customers (over 68%) take both of our Tours. However, if you're not sure you want to take both, we suggest you take whichever one sounds most interesting to you, and then you can decide at that point if you enjoyed it enough to ride with us a second time. We think we know what your answer will be…

Enjoy All Our Tours
Day Tour Information
Night Tour Information
Versailles Tour Information
Monet's Gardens Tour Information
The D-Day Beaches Day Trip
The Wine Tasting Experience

City Segway Tours – Paris
Classic Walks of Paris

Email
info@FatTireBikeToursParis.com

Telephone
01-56-58-10-54 (calling from within France)
33-1-56-58-10-54 (calling from outside France)
1-866-614-6218 (toll-free from North America to our Paris office)

Cruise through Paris and enjoy the City of Light at its best!

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First Thing To Do

First of all, thanks for the two great tours I took with you guys last June. You were my first thing to do for my first visit to Paris and it was the smartest thing I could have done. Not only did I get oriented to the city quickly, but I met some great people and and had a great time.

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Refinancing Home

Want to reduce monthly payments? Pay off your home faster? Use your equity for remodeling or college tuition? Countrywide gives you a wide range of refinance loan options on primary residences, second/vacation homes and investment properties. We offer:

Loan amounts up to $2 million Fixed or adjustable rate loans Financing for single family residences to 1-4 unit properties

Quick help for selecting the right loan:

Have our interactive Loan Advisor suggest a loan for you Read the information here about the special features of Countrywide's loan programs Get general information on refinance loans in Loan Choices. See our home loans for those with less than perfect credit offered by Countrywide Home Loans' Full Spectrum® Lending Division.

Fixed Rate Loans

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Basic 30/25/20/15/10-Year Fixed Rate Loans You want the stability of a fixed principal/interest payment over the life of the loan. Loans on up to 95% of your home's current value. Reduced Rate Option You plan to stay in your home for a long time and want a lower rate. Reduced rate in exchange for limits on refinancing and early principal reduction for the first 5 years. No Equity Loans You don't have much equity or want to avoid upfront costs. Loans on up to 100% of your home's current value. Low Equity Programs You have just 3% or 5% equity in your home. No maximum income/earning restrictions and loan amounts up to $417,000. Low Documentation You have excellent credit and want to avoid paperwork.* Very little paperwork; loans up to 95% of your home's current value.

Adjustable Rate Mortgages

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Basic ARM You want to start with a low payment. As little as 5-10% equity in home; rate adjustments each 6 months or 1 year. Basic ARM with Reduced Rate Option You want to start with an extra low rate. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years. Fixed Period ARM You plan to move or refinance again in a few years and want the security of a fixed rate for that period of time. Fixed rate for 3, 5, 7 or 10 years, then adjusts annually based on a financial index. Fixed Period ARM with Reduced Rate Option You want to start with an extra low rate, plus have the security of a fixed rate for a set number of years. Reduced rate in exchange for limits on refinancing and early principal reduction for first 5 years.

Loans Designed for Avoiding Traditional Private Mortgage Insurance (PMI)

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature Tax Advantage Mortgage Insurance (TAMI) (Ask your tax advisor.) You have between 5% to 10% equity in your home and want to avoid paying traditional mortgage insurance. You offset the cost of traditional mortgage insurance by a higher interest rate, plus provide an extra tax deduction. Home Equity Line of Credit (HELOC) You have 10% equity in your home and want to avoid paying mortgage insurance. Combines a 1st mortgage and a 2nd mortgage (equity loan or line of credit) so you can achieve 80% loan-to-value on the 1st to avoid mortgage insurance.

Loans Exceeding Fannie Mae/ Freddie Mac Guidelines

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Loan Program Reason to Choose It Key Feature Non-conforming (Jumbo) Loans You need to borrow more than $417,000 ** Loans up to $2 million. Wide variety of program options: Reduced Documentation Loans No Ratio Test Loans No Income/No Asset Loans Expanded Exception Programs Expanded Cashout Refinances Second Homes Investment Properties Condominiums Foreign Nationals

Loans for People with Less Than Perfect Credit

For a list of features on any of these loans, just click the name of the loan program.

Loan Program Reason to Choose It Key Feature 30/15 year fixed For borrowers who want the stability of a fixed principal/interest payment over the life of the loan Expanded criteria allows non-traditional lender guidelines for individuals with less than perfect credit "Credit Repair" Loan Helps borrowers stabilize their situation to get "back on track" while enjoying a lower interest rate loan for a fixed period of time Fixed rate for 2 or 3 years, then adjusts annually based on a financial index Credit Comeback Loan® For borrowers who want to benefit from making on-time mortgage payments Allows for interest rate reduction if borrower makes consecutive timely mortgage payments during specified periods in the first 4 years of the loan Interest Only Loans For borrowers who need maximum cash flow and lower monthly payment in the short term Reduces monthly payments, helps maximize monthly cash flow and allows borrowers to qualify for larger loan amounts As Little As No Down-Payment Loans For borrowers with less than perfect credit and limited-to-no down payment who want to purchase a home Combines a 1st mortgage and a 2nd mortgage to use as equivalent for 20% down to avoid mortgage insurance

*Excellent Credit program requirements are tougher than standard program guidelines. Examples of disqualifying factors may include:
	Late payments
	Balances on accounts too high (e.g., credit cards are all at the limit)
	Credit history too short (<2yrs)
	Too many accounts with balances

If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

**Restrictions apply. Program guidelines are subject to change. Some products not available in all states.