Mortgage & Refinancing Information
'Flexible mortgage' is a term that's used a lot, but what exactly
does it mean? A flexible mortgage allows the borrower to make
extra repayments when they have the extra money and even reduce
or skip payments should the need arise. A flexible mortgage allows
you to make extra payments to reduce the amount outstanding on
your mortgage thereby reducing the interest you're paying or pay
off your mortgage earlier than planned.
Here is a useful flexible mortgage guide. Flexible mortgages are
loans which allow you to increase or decrease the size of your
repayments within certain limits.
Outlined below is a useful guide to flexible mortgages. Flexible
mortgages are also known as Australian Mortgages because they
usually feature something which is common in Australia - interest
recalculation on a daily basis.
Your home is a source of pride and accomplishment. Did you know
that your home can also be an affordable source of income? As
your home appreciates and you make your monthly mortgage payments
you build what's called equity.
Outlined below are some useful flexible mortgage tips. The most
prominent addition in recent years to the mortgage industry has
been the flexible mortgage.
An offset mortgage is very similar to a current account mortgage
- but instead of having everything all in one account, all
accounts are held separately. The offset mortgage concept treats
your money as one giant pot, with each element (mortgage,
savings, current account etc) separate to the rest.
A reverse mortgage is a certain loan that allows the older
generation to take their home equity and turn it into cash. With
this type of loan the bank is actually paying you monthly out of
the equity in your home.
With escrow accounts the money for your home insurance and
property tax is added to your monthly mortgage payment and is
paid out each year. With that said, you may think that having an
escrow account takes the responsibility off your shoulders
because the bank will make the payment for you each year from
your escrow savings account.
Current account mortgages are fairly new to the sector. They are
quite different to other types of mortgage as they enable you to
set off all your savings and debts in one single account.
Betty and John, are in their mid-seventies and are currently
weighing the advantages and disadvantages of a reverse mortgage
as a way of freeing up some cash. The couple purchased their home
45 years ago for about $14,000 since then home values have
skyrocketed and recent single family homes in their neighborhood
have been selling for a minimum of $160,000.
With the many different kinds of mortgage loans out there,
choosing the right one for your needs can be a difficult task.
The following points will help you understand the pros and cons
of the different types of mortgage loans available to you.
So how have you planned the repayment? Don't tell if you haven't
started the plannings yet. It is high time the plannings and the
decisions be made regarding the repayment of the loan.
Here is a useful guide to the different types of Mortgage
Interest Rates that are available. Mortgage Lenders offer all
kinds of different deals when it comes to the interest you pay on
A repayment mortgage is the type of mortgage that most people
think about. The idea behind a repayment mortgage is that you pay
monthly for a set period and each payment consists of an element
of capital and interest.
Mortgages are easy as long as you understand them well. But how
many borrowers can be confident of their knowledge of mortgages.
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CUNA News (press release)
'Flat' mortgage market aheadCUNA News (press release)This year is turning out like most people predicted in the mortgage arena. Rising interest rates have significantly hampered the mortgage refinance market. The growth of the purchase market can only be as great as the inventory of available homes.
How Credible worksCredible News (blog)It's quick and painless. Tell us a little bit about you and your home to get accurate prequalified rates without impacting your credit score. 2. Compare rates from multiple lenders. View the interest rate and cost breakdown of each loan to choose the ...and more »
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