Category Archives: Mortgage Loan

The Difference Between an Adjustable and Fixed Rate Mortgage

m1

When shopping for a new home, the options seem endless. You’ll look at several houses before you make your decision, but your choices don’t stop there. You’ll also need to decide between an adjustable rate mortgage and a fixed rate mortgage. Both have pros and cons, so it’s important to know the difference before you decide. Read on to find out more information on each type of mortgage so you can make the right choice for you.

Financing Your Home: Types of Mortgage Loans

m2

Financing a home is a famously tricky process, fraught with complexities and risks that are difficult to detect from the outset. During real estate booms, lenders are prone to offer homebuyers fancy payment programs with strange terms in hopes of enticing them.This kind of maneuvering helped spur the famous real estate meltdown in 2008 that led to economic recession and financial panic throughout the U.S. While lenders have gotten smarter and safer since then, it still requires a ton of patience and care to find the right financing plan for you and your family.

Equity Release Versus Taking Out a Mortgage

m3

When you are in need of money, regardless of the reason, you might become rather frantic searching for options. Two of the most common options are equity release and taking out a mortgage. In most instances, deciding between the two is not just about comparing the numbers. It’s also important to understand the qualifying criteria for each option. For instance, most equity release plans have a minimum age requirement of 50 years. Mortgages, on the other hand, have a minimum age requirement of 18 years and, in most cases, older applicants might not qualify.

What Different Types of Repayment Mortgages Are There?

m5

Standard Variable Rate Mortgages

Standard Variable Rate or SVR is a type of mortgage where the interest rate can change, influenced by the Bank of England’s base rate. Each bank sets its own standard variable interest rate which is usually a couple of percentage points higher than the Bank of England’s base rate.

What Insurances Can I Have With My Mortgage?

m4

Life Cover provides a lump sum if you die during the policy term. This can be used to pay off your mortgage so your family do not have to worry about making any further repayments.

Critical Illness Cover is designed to insure against critical illnesses which could have a severe impact on your ability to earn a living. It should pay out if you are diagnosed with one of the critical illnesses or disabilities listed on the policy.

5 Tips For a Home Mortgage Loan Approval

m6

Not everyone knows the most important things that he or she should keep in mind when applying for a mortgage loan. At times, they go to buy a home when they see that the interest rates and the prices of homes are coming down. However, it’s important to know that the process of applying for a home loan is different from the process of renting an apartment or applying for a car loan. It’s important that you educate yourself. Given below are 6 tips that may help you get approval for your home mortgage loan.