Mortgage & Refinancing Information:
An Interest Only Mortgage is one where the repayments are made up
entirely of the interest on the loan. When the mortgage term is
complete, the capital originally borrowed is still outstanding.
Here is a useful guide to interest only mortgages. An interest
only mortgage is one where your regular payments only go to pay
off the interest on the money you borrow.
A tracker mortgage 'tracks' the Bank of England base rate,
meaning your mortgage stays in line with interest rates and the
market in general. The result on your monthly mortgage interest
payments is that they go up when the base rate goes up and go
down when the base rate goes down.
This might not be the front page news but it is now out in the
open! 'Bad credit is getting loans - all kinds of loans'. Lending
institutions, banks and other financial constitutions are coming
forward to provide loans for bad credit.
In previous decades, when a borrower missed a payment on a
mortgage, the lender would often consider them one month behind
until they eventually caught up. Most lenders would impose a late
fee and other interest or penalties, tacking them onto the back
end of the loan as long as the lender stayed current with the
rest of their payments.
With so much lender advertising focusing just on rates, you may
not be aware of the importance in choosing an experienced,
reliable loan professional who can match you with the appropriate
loan program. Good loan officers and mortgage brokers may quote
today's rate when asked, but they will quickly add they need to
know more about you to determine the best program for your
Just as there are many types of mortgages and mortgage deals to
choose from, there are also many sources where you can go to get
a mortgage. Your key choices are to use a mortgage broker, a more
general financial adviser, or shop around yourself and go direct
to the mortgage lender.
As the term implies, with a fixed rate mortgage the mortgage rate
is fixed for a set period of time, so no matter what movements
occur in the lender's standard variable mortgage rate, the
borrower's arrangement is fixed and, therefore, so are the
monthly fixed rate mortgage payments. A fixed rate mortgage would
suit someone who likes to know where they stand.
Self-employed mortgages, as the term implies are mortgages
designed for those that are self-employed. Traditionally it's
been more difficult for the self-employed to get mortgages.
A capped mortgage is a variable rate mortgage with a capped limit
beyond which the rate paid will not exceed. Mortgages are
available in a number of different interest rate options, one of
which is the capped rate.
Sub-prime mortgages are not that much different from average
mortgages. They have interest rates, points, and fees.
You can buy a home with a bad credit record; you just need to
find the right mortgage financing package. Before you sign up
with the first company that offers you a loan, remember to
research offers to be assured you are getting a fair deal.
Financing a home with bad credit is a common problem for people.
Over 25% of homes in the US are financed through sub prime
lenders, who offer financing to high-risk borrowers.
Interest rates and fees vary between sub-prime lenders just like
regular mortgage lenders. Just because you have bad credit, that
doesn't mean you should accept the first financing offer from a
Finding a good lender to help you with refinancing your home loan
can be tricky if you have bad credit. There are plenty of
predatory lenders out there who would like to take advantage of
you with excessively high interest rates and fees.
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