find mortgage and refinancing information Akron Ohio


We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.


Mortgage Information

A mortgage is borrowing money using property as a security, a type of secured loan in other words. Primarily, the purpose in borrowing the money is to purchase a property.

A mortgage is really another word for a property loan - a loan that allows you to borrow a large amount of money in order to buy a home or property which is secured on the value of that property, and which you pay back over an agreed period of time.

The term 'secured' means that if you default on payments and can't keep up with the payments schedule as agreed, the lender has the right to sell your property in order to recover their money.

A mortgage can be broken down into four main parts:

Capital - This is the amount of money that you borrow to buy the house.

Interest - This is the charge for borrowing money. Worked out as a percentage of the capital.

Term - This is the fixed period of time that the money is borrowed over.

Repayments - These are the regular payments you make throughout the term of the mortgage.

The mortgage is created by a legal charge on the property and, significantly, does not involve the transfer of land. The charge confirms that the property has been pledged to the lender as security for the mortgage loan.

Mortgages are usually repaid over 25 years, but depending on your situation and earnings it can be arranged over either a longer or shorter period of time. The amount you borrow is called the 'capital', and you will also have to pay back the interest charged to you by the lender.

The title deeds are held by the lender but when the purchase monies are paid over to the vendor, usually through a solicitor, the mortgagor becomes the owner of the property. The legal charge is supported by a loan agreement between the two parties which sets out the terms of the loan, the responsibilities and undertakings.

You have two options - repay the capital and the interest together - this is a 'repayment' mortgage, or repay the interest only, and organise another investment to cover the capital at the end of the term. This is known as an 'interest only' mortgage.

When looking at how much money a lender is willing to let you borrow, there are two factors that they will want to consider.

First of all, they will want to know how much you earn. Usually you will only be able to borrow around three times your salary.

If you are looking to purchase a joint mortgage with a partner or friend, then the income multiplier may be worked out differently. Some lenders will offer two-and-a-half times the joint salaries, or three times the higher salary, and one times the lower salary, whichever is higher.

Most lenders will also take into account the amount that you are looking to borrow, and the total value of the property. Although some lenders will allow you to borrow the full value of the property, most will only lend a certain percentage, say 95%.

When applying for a mortgage, there are certain points that you will need to consider before you sign on the dotted line.

First of all you need to consider how much you can afford. You should complete a budget, and work out how much money you have coming in, and how much money you spend each month. This should then give you an idea to how much you can afford to pay a lender each month for your mortgage.

You should also consider whether your income would allow you to afford the property you are after.

You also need to think about how long you will need to borrow the money for. A mortgage is a major financial commitment and will require that you can keep up the repayments for the full term.

If you repay your mortgage before the end of the designated term you may well be charged a penalty. Penalties are particularly common in the first few years of a loan or if you are taking advantage of a fixed rate or a discounted rate and can be very significant in size. Sometimes it is possible to serve notice to avoid these penalties.

Furthermore, some lenders will charge interest until the end of the month in which redemption occurs so it may pay you to time the redemption of your mortgage to avoid this charge. Some lenders also make additional charges such as vacating fees, deed release fees or other administration charges.

All of these costs should be highlighted in the mortgage offer or in the standard Terms and Conditions provided with that offer. Before committing to your mortgage, please check the redemption penalties which will be mentioned in the mortgage offer.

Getting a mortgage can be very complicated. If you are unsure about which mortgage to go for, then you should seek some financial advice.

You may freely reprint this article provided the author's biography remains intact:

About The Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the website.


This RSS feed URL is deprecated, please update. New URLs can be found in the footers at


Mortgage refinance share jumps 5% despite rising interest rates
The refinance share of mortgage activity increased a full 5% from December to January, rising to 45% of all closed loans, according to the latest Origination Insight Report from Ellie Mae. The share of FHA refinances increased three percentage points ...
Financial Newsletter - ZacksZacks
Ellie Mae, Inc. - ELLI - Stock Price Today - ZacksZacks

all 116 news articles »

Birmingham Business Journal

Study: Even with rate upticks, metro Bham homeowners miss out on refinancing savings
Birmingham Business Journal
Many homeowners in the Birmingham metro area could be missing out on savings by not refinancing their mortgages – even with the recent uptick in rates. Jefferson County was listed as No. 1 in the state where homeowners are missing out on refinance ...

Real Property – Mortgage Refinance – Attorney Preference – Prepopulated Form
South Carolina Lawyers Weekly
Holding: Given plaintiff's wife's filling out of an online loan application, the court predicts that the South Carolina Supreme Court would conclude that the defendant-lender ascertained the preference of the borrower as to legal counsel relating to ...

Construction Business Review

Stage set for launch of State-backed mortgage company
Construction Business Review
“We need Sh2 billion for delivery of the housing units. This money will also be used to restructure the National Housing Corporation and establish the Kenya Mortgage Refinance Company and set up the National Housing Development Fund,” Aidah Munano, the ...

Refinance Calculator : Should You Refinance Your Mortgage?
The Mortgage Reports (blog)
That's why this mortgage refinance calculator shows monthly savings as well as lifetime savings. While you might save money each month by refinancing, it doesn't always mean you'll save money in the long run. Of course, there are other reasons to ...


Mortgage refinance applications surge 9 percent as rates fall back
Total mortgage applications rose 4.7 percent last week, driven by applications to refinance.

and more »


Nigeria's Own Fannie Mae Sets Out to Double Mortgage Loans ...
After suffering through an economic contraction that restrained demand for housing loans in Africa's most-populous country, Nigeria's state-backed mortgage guarantor is anticipating that a return to growth will help double its nascent asset base.

and more »


MBA: Mortgage refinance apps increase from week before | 2018-02 ...
The Refinance Index increased 1% from the previous week, however, the refinance share of mortgage application activity continues to decrease. But even as refinance apps increased, purchase applications remained unchanged.

and more »

Philadelphia Business Journal

The rationale behind PHH's sale to Ocwen - The Business Journals
Philadelphia Business Journal
After an almost year-long review of its operations, PHH Corp. unveiled a new strategic plan last year designed to help rescue the company from the damage caused by the housing market crash of almost a decade ago. Called PHH 2.0, it involved operating a ...
Phh Corp - PHH - Stock Price Today - ZacksZacks

all 52 news articles »

4 ways to get the best mortgage refinance rate
If you can shave at least one-half of 1 percentage point off your current mortgage rate, it can be worth your while to trade in your existing home loan for a new one. Here are some tips for getting the very best refinance rate. 1. Polish up your credit ...

and more »

Google News

used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It


Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio

iphone-4-less below wholesale prices


Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips



© 2012 - 2018 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit