Studying Your Choices – A Loan On your Property or Remortgage

If there’s one thing that you are going to do as a homeowner, it’s going to be studying all of your options before really making a decision. It might sound boring at first, but if you really want to wrestle information within the mortgage industry, you’re going to need to be on your toes. Thankfully, we’re here to help.

If you’re in the middle of trying to decide between a loan on your property vs remortgage, don’t worry — you are in good company. There are some pros and cons to each decision, along with important information that you need to know.

First and foremost, you need to understand that if you go with a loan on your property, you need to have sufficient equity in the home. This is true for the remortgage as well, but it’s even more so if you’re going to get a loan against your property. You are basically making sure that the lender has something to collect against in case you truly default on the loan. Continue reading “Studying Your Choices – A Loan On your Property or Remortgage” →

Identifying Your Best Mortgage Loan

Today there are many mortgage products out there, and there are times that it’s confusing as to which one is best. You aren’t always sure which one is going to work the best for you and your unique circumstances. Well, your worrying is over, as we’ll cover the basics of your mortgage right here in this article.

Mortgage for Self-Employed

Like the name says, this mortgage is particularly designed for those who aren’t following a regular nine to five work day. It’s for those who have become their own bosses. Keep in mind that whenever you get a mortgage for people self-employed, you won’t be seen a prime candidate. Lenders wouldn’t go scrambling after you because they see you as being unable to produce any steady income over the years. But this is a fairly new kind of mortgage to get, and some forms won’t require proof of income, and some lenders won’t even verify you income. So the convenience of these mortgages makes up for not getting the best rates. Continue reading “Identifying Your Best Mortgage Loan” →

Second Mortgages Are Serious Loans – Make Sure You Plan Ahead!

Three cheers for second mortgages? Now, if you’ve never really gotten too deep into the world of finance, you might wonder why we’re so excited about second mortgages. After all, they are a loan product and would have to be paid back over time. Yet the truth is that there are a lot of benefits to these loans that need to be discussed. As you might have read in other guides we’ve published, loans are neither good nor evil. It’s really what you make of them. It’s really what you decide to make of the situation at hand.

If you already have a home, you probably have owned it for a few years. If this is the case, you probably have equity in your home without even realizing it. You probably have equity that’s just waiting to be used. What if you wanted to get a second home to rent out to other people? You would need a lump sum in order to put down the right deposit. Continue reading “Second Mortgages Are Serious Loans – Make Sure You Plan Ahead!” →

Guide To Choosing A Mortgage Loan

Mortgage loans are a huge financial responsibility. For the majority of people their homes are the only largest acquisition made in a lifetime. You have to be very careful when deciding on your mortgage in order to avoid current mistakes that can force you to overpay for your mortgage loan. Here are the main things that you need to know.

Your grandparents didn’t have much of a choice as far as mortgages were concerned: they had to choose between a fixed rate loan of 15 or 30 years. Nowadays,there are plenty of choices; neverthless, deciding on bad loan could cost you thousands of dollars. Today, there are these main categories of mortgages: fixed interest rate, adjustable interest rate, balloon mortgages and jumbo mortgages.

Fixed Interest Mortgage Loans

A fixed interest rate mortgage loan is one of the safest typical mortgage offers. These mortgage have an interest that stays the same throughout the life of the mortgage and because of this fixed rate, the monthly payment doesn’t change for every month of the mortgage. Provided that you pay your property taxes and insurance together with your mortgage payment, you may notice that your monthly payment has raised because of the taxes and insurance, but not the interest rate. This is the right mortgage loan for you if you’re one of those people who hates taking chances when it comes to your financial situation. Continue reading “Guide To Choosing A Mortgage Loan” →

Are All Remortgaging Offers Created Equal?

Everyone likes a good deal, and one of the top groups of people that love a good deal are homeowners. It goes without saying that it definitely takes money in order to be a good homeowner, but that doesn’t mean that it should take up your whole paycheck! The truth is that if you really want to save money, you’re going to have to look at ways to cut down on your bottom line — why not make sure that you really getting the best deal possible.

When it comes to getting a new rate, we’re actually talking about remortgaging. It’s really not as scary as it sounds — it’s just a matter of finding another lender that can offer you a better rate. They’ll cut you a check for the old mortgage and you’ll pay that off. Then all you really have to worry about is the new mortgage. How cool is that?

Very cool, but if you’ve already looked around at a lot of the different remortgaging offers out there, you might feel that they’re all alike. Are all remortgaging offers really created equal? Definitely not. Continue reading “Are All Remortgaging Offers Created Equal?” →

Benefits of a Fixed Rate Mortgage

A new home is definitely one of the most exciting times life has to offer, and if you’re in the process of getting your first home you know exactly how exciting and challenging this time can be! One of the biggest decisions will be whether to get a fixed rate mortgage or an adjustable one.

While there’s plenty of advice given against adjust rate mortgages, most people do not stop and mention the benefits of a fixed rate mortgage. This guide strives to cover the benefits of a fixed rate mortgage so that you can make the best decision for your own unique situation.

One of the biggest benefits of a fixed rate mortgage is that the mortgage payments are static. They will not increase over time the way they can with an adjustable rate mortgage, which means that you always know what to expect from month to month. Now, this doesn’t mean that you can’t pay more than your monthly mortgage payment to bring the overall principal down, but if you need to keep a tight budget a fixed rate mortgage helps you do just that. Continue reading “Benefits of a Fixed Rate Mortgage” →

Debt Consolidation Mortgage – The Advantages

If you are sinking lower and lower in debt, you may be one of the people in this country that a debt consolidation mortgage might be good for. This is a mortgage that assigned the capital of your home in the form of cash so that you might pay off other debt. Debt amount can consist of credit card debt or too expensive medical bills. Under such difficult circumstances taking out an equity mortgage on the value of your home may be the right answer for many reasons.

Lower The Overall Cost

The main reason why a debt consolidation mortgage is usually taken out is because it lowers the overall cost of debt service. Because the amount of the pending debts that are being consolidated will still be the same as the individual debts, the savings through consolidation are due to the smaller interest rate and the fact that usually lowest payments affect each of the debts forming the consolidation package. When you only have one payment with a certain and constant payment sum on a particular date each month, you can most definitely save money with lots of loans. Continue reading “Debt Consolidation Mortgage – The Advantages” →

What is a Mortgage?

Mortgage can be defined as a loan that is used to purchase a property. Almost all the banks, financial institutions and even specialist mortgage lending companies provide the facility of such loans. When the borrower shifts his mortgage from one lender to another, it is called “remortgage”.

How to choose a mortgage?

As mentioned earlier in this article, mortgage can be given directly by the banks or financial institutions and even a mortgage broker. Depending on your requirement, you can seek advice or get information and avail the mortgage that is best suited for your needs.  Who can give me the right advice about the mortgage? All the banks and mortgage brokers will furnish you with information about the products or services – through brochures or even personal meetings. However, this sort of information does not always help you with your specific needs.

It is recommended that you use the expertise of the FSA authorised firms to get information about the mortgage that you are looking for. These professional advices can be bought and in case the product or service does not suit your requirement, you have every right to file a complaint and get a compensation from the firm.

What are the repayment methods?

Mortgages can be repayed in two ways:
► Repayment mortgage or the capital-and-interest loan
► Interest-only mortgage

Repayment mortgage

In this method, you can make monthly payments for the money that you owe along with interest charged on the loan. If you make all the payments regularly, you can pay back the full loan by the end of the mortgage term.

Interest only mortgage

In this model, you make monthly payments but they only cover the interest on the loan; they do not pay any capital. So, you must have alternative payment plans (either savings or may be some other investment plan) to close the loan at the end of the mortgage term. Remember, it is your responsibility to ensure that you have adequate funds to make the payment or else you can lose your home.

Borrowing Against Jointly Owned Property Can Be Done – Find Out More Today!

Are you thinking about getting your hands on an equity loan to fund other projects that you’ve been dreaming about? This is a popular loan product, because it really is freeing — you can use the proceeds from your equity loan for just about any purpose that you can think of. If you wanted to pay for your dream wedding, you can do that. On the other hand, if you wanted to make improvements to your home, you could also do this as well. You just need to make sure that you know what you want to do and how you’re going to actually take care of that.

What about borrowing against jointly owned property to make your dreams come true? This is possible but you have to remember you must get the other party’s consent. There’s no real understanding of “half” of the equity of the home. It’s really all of the amount you request or none of it at all. This means that if you have plans to use 25,000 GBP worth of equity in your home, you can’t ask for 12,500 since that’s just your half. The other party has to be on board. Continue reading “Borrowing Against Jointly Owned Property Can Be Done – Find Out More Today!” →

3 Tips On Making Your Home Loan Application Easy

Dream of owning your own home? You’re in good company. Many people want to own their own home, but feel overwhelmed with all the paperwork and waiting involved in order to finally get the keys to their new home. The process can feel so frustrating that some people even give up halfway. The good news is that with just a little planning ahead of time you will be able to avoid the majority of frustrations others face in applying for a home loan.

First, you want to make sure that you have your finances in order as a whole. If you have outstanding debt, now is the time to pay that down or eliminate it completely. This might mean cutting back on unnecessary expenses in order to clear more debt. Continue reading “3 Tips On Making Your Home Loan Application Easy” →