How do you find a house for ten or twenty thousand dollars? In three steps:
Although lenders may be friendly — maybe you want to take your lender out for BBQ — they are not your friend. This is business, like any other. On borderline issues, a lender may be willing to lean in your favor, and it may well seem like charity. I assure you it is not. Long-term business relationships are solidified through judgment calls of this nature. This is not to say that lenders are in any way immoral, or corrupt. A great deal of American business is reliant upon an individual’s ability to cater attention to specific interests, while remaining firm on those that will drive profits.
Many are taking advantage of this year’s low mortgage rates to purchase a home. Pent up with excitement, many families, who have scrimped and saved for a down-payment, jump for joy when the mortgage lender finally approves their application. But, they should realize that there’s a whole new set of expenses that must be covered before actually closing on the sale.
Styles of houses vary across the country. From the New England Cape Cod to the Victorians of San Francisco, the choices are almost endless. Knowing which style you prefer is one of the basic elements in your hunt for the perfect home.
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.
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property.
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.
A mortgage is a loan, usually from a bank, finance company or building society to help you buy your home.
‘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.
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.