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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
individual situation.
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
sub-prime lender.
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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 MORE RESOURCES updated Mon. October / 07 / 2024
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RELATED MORTGAGE AND REFINANCING ARTICLES:
Need Mortgage?
Alternative Finance Often Masks Predators, Who Want to
Steal Your House
So, your bank had just turned you down for a mortgage
application. The same thing also happened, when you went to
other banks in your area.
Uk House Price Increases
Take A Summer Holiday
Property website Right-Move has released its latest house
price index announcing a "Summer sale" for house buyers.
The report shows that on average, house prices fell by 1%
over the four weeks leading up to 9th July, indicating that
the "affordability gap" between house prices and buyers
ability to purchase, is at last starting to close.
5 Tips for Savvy Use of
Your Home Equity Line of Credit
Tapping your home's equity to pay college expenses,
consolidate credit card debt or even to buy a new car or
boat is common place. Many economists attribute the
additional buying power afforded consumers through home
equity debt as a primary reason the nation's economy has
been able to emerge from the recent recession.
Mortgage Brokers or
Banks: Which is Right For You?
When you're looking for a home loan, you might work with an
officer at a bank or other lending institution, or you
might choose to work with a mortgage broker. The end result
is the same - a new house, but the two types of jobs
differ.
Do You REALLY Need a
Home Equity Loan?
Your equity is the amount your home is worth, on the
market, minus the amount you owe to your mortgage broker.
For example, if your property is worth $200,000 and the
balance you owe your mortgage broker is $100,000, then your
home equity - the part of your property that you own free
and clear - is $100,000.
Mortgage Info You Can
Actually Understand!
This is a great time to Refinance Your Home or Buy a New
Home -- the Mortgage Rates are so low, these days! It's
always worth a shot to find out what the costs of switching
over to a new mortgage would be, to see if that's the right
move for you. Whether you are building your own house,
buying a new property, gathering funds to do a renovation
project, or Refinancing your current Mortgage at a much
Lower Rate, you'll be looking for Funding -- Money, Money
& More Money! Here are some commonly asked questions
regarding funding for a Mortgage or a Home Improvement
Loan.
What Are Mortgage
Brokers And Why To Use One
"Mortgage" is formed from two words: the French word "mort"
meaning "dead" and the word "gage" from Old English meaning
"pledge". Sir Edward Coke (who lived from 1552 to 1634)
explained the term: the land as considered "dead" to the
mortgagor, as if the person never had it.
Refinance Your Property
Online
By refinancing your property online you can take advantage
of competitive rates in the convenience of your home. You
should consider refinancing your property if interest rates
are lower, your financial situation has improved, or your
credit rating has improved.
Bad Credit? First Time
Buyer? You Can Still Get Approved For A Home Mortgage
Loan
Do you have bad credit that you worry will stop you from
being able to apply for a home mortgage loan? Have you
given up on the dream of being a home owner? Well don't.
Take comfort in the fact that there are special home
mortgage loans that you can apply for, that will make sure
your dreams of becoming a home owner are fulfilled! Home
Loans Are Flexible - The first thing you need to
keep-in-mind is that home loan mortgages are very flexible
- they can be adjusted to meet the needs of any borrower.
Understanding Fixed-rate
Mortgages
A fixed-rate mortgage is a mortgage on which the interest
rate is set for the term of the loan. Your interest rate
stays the same for the term of the mortgage or for a
specified period of time.
How Not To Be Ripped Off
By Mortgage Brokers
One of the things that bothers me about the mortgage
industry is the number of unscrupulous brokers that operate
in this market. Talk about giving the industry a bad name! I
worked for a mortgage lender until quite recently and I
used to be shocked at the fees that brokers charged their
clients.
Say Yes to ISA Mortgages
for a Convenient Mortgage Repayment
Customers who opt for an interest only mortgage, and feel
themselves fortunate at the extraordinarily low monthly
installments, wake up. The mortgage may be fast approaching
its repayment.
Benefits of a
Re-mortgage
There are many benefits in choosing a re-mortgage, some of
which are listed below. A re-mortgage is changing your
mortgage without moving your home.
Council Right To Buy
Mortgage - Transform Your Accommodation Into
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Homeowner - does this term catch your attention every time
you hear it? It is a powerful term. It is hard being a
tenant for long.
First Time Buyer
Mortgages - Transforming Homeless into Property
Owners
Having just settled in life, you are finding the rentals
putting too much of a burden on your finances.
Nevertheless, you continue the payments thinking that
purchasing a home would be practically impossible.
Home Loans For People
With Adverse Credit History
Whether you are planning to purchase a home for the first
time or refinance an existing mortgage, plan on comparing
lending companies before you accept a financing offer if
you have adverse credit history. Sub prime lenders
specialize in offering loans to people who have a high-risk
credit history.
Home Improvements Turn
Average Homes into Dreams Come True
If you're thinking about taking out a home improvement
loan, there are several options to consider. First and
foremost, your mortgage consultant needs to know why you
want a home improvement loan.
Ten Things a Mortgage
Processor Must Know to be Effective
From time to time, we hear a story about a processor gone
bad. A processor that seemed so knowledgeable early on but
now isn't keeping pace and can't seem to get along with
anyone.
Helpful Mortgage
Advice
Mortgage advice overwhelming you? Many people get advice
from everyone on the planet when they talk about purchasing
a home. People tell them their version of advice on most
important factors and expect the potential home buyer to do
as they have instructed.
Interest-only Mortgages
Have Their Pitfalls
Rising home prices, particularly on the East and West
coasts have put the costs of home ownership seemingly
beyond the reach of many. And yet, home ownership is up
nationwide, and the percentage of Americans who own their
homes is the highest it has ever been.
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