find mortgage and refinancing information Akron Ohio

Channel:

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 http://www.directonlineloans.co.uk website.


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Wed. August / 23 / 2017


Financial Regulation News

FHFA modifies mortgage refinance program to help underwater borrowers
Financial Regulation News
The Federal Housing Finance Agency (FHFA) has modified the streamlined mortgage refinance program for borrowers with high loan-to-value (LTV) ratios, the agency announced last week. The High LTV Streamlined Refinance Program was established by ...

and more »


Put more money into your pockets – Opt for a commercial mortgage refinance in Savannah
Business In Savannah (blog)
Are you a business owner who is in the market for a commercial mortgage loan or have you been thinking of refinancing your loan? Regardless of whether you're new to the home loan market or you're looking for a new loan with better terms to refinance ...



The Dough Roller

6 Things You Need to Know Before You Refinance to Pay Off Debt
The Dough Roller
So, you're drowning in high-interest credit card debt and personal loans? You've also got some good equity built up in your home? Maybe you're thinking about leveraging today's still-low mortgage rates and refinance to pay off debt. It's a tempting idea.



Nigeria Mortgage Refinance Company Profits Grow by 164 ...
Naija247news
This week, shareholders of Nigeria Mortgage Refinance Company (NMRC) PLC received the Report of the Directors on the Company's performance in the 2016 ...

and more »


Daily Report (registration)

Facing Trial, Wells Fargo Pays $108M to Settle Whistleblower Suit
Daily Report (registration)
Bibby and Donnelly claimed the banks had illegally added the unauthorized fees to veterans' mortgage refinance costs in violation of federal regulations. The federal government partially guaranteed the loans made by participating banks. The loans at ...
Wells Fargo says number of unauthorized accounts could rise significantly in reviewCharlotte Observer
Wells Fargo warns it may find 'significant increase' in unauthorized accountsCNBC
Wells Fargo (WFC) CEO Shares Updates on Company's Rebuilding Trust Efforts in Companywide MessageStreetInsider.com
Zacks Investment Research
all 222 news articles »


TGMC saves more than $600,000 by refinancing bonds
Houma Courier
Terrebonne General Medical Center will save $615859 by refinancing bonds at a lower interest rate. TGMC's board refinanced $9 million worth of revenue ...

and more »


NBCNews.com

Wells Fargo Picks First Woman to Lead Board as Scandal Worsens
NBCNews.com
Wells Fargo's chairman is stepping down early as the banking company tries to recover from growing scandals and will be replaced by the first female leader in its 165-year history, the company said Tuesday. Wells Fargo and Co. said in a statement that ...
Wells Fargo & Company - WFC - Stock Price Today - ZacksZacks Investment Research

all 222 news articles »


KQED

Marin Lawmaker Wants California Corporations to Pay for Affordable Housing
KQED
Toni Atkins (D-San Diego) would place a fee on certain real estate transactions, such as a mortgage refinance. But Levine says homeowners who would pay that fee “are typically middle-class Californians.” “What we've seen since the Great Recession is ...



BusinessDay (satire) (press release) (registration) (blog)

NMRC grows PBT 164% to N1.2bn in 12 months amid challenges in ...
BusinessDay (satire) (press release) (registration) (blog)
In spite of the huge challenges in both the economy and operating environment, the Nigerian Mortgage Refinance Company (NMRC) was able to achieve very ...

and more »


Motley Fool

How to Get the Best Mortgage Refinance Rates
Motley Fool
How can you get the best rates when refinancing your mortgage? Follow these steps to get a good deal on a refinance loan. Christy Bieber. (ChristyB). Mar 25, 2017 at 7:06AM. Homeowners who refinanced a $200,000 mortgage in the first quarter of 2015 ...

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

www.Akron.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
www.homes4rent.has.it

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

 

HOME | SITE MAP
© 2012 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