Remortgaging is changing your already existing mortgage plan to another because they offer you a better interest rate on your payments. For an example, if you are paying 7.5% on a $100,000 mortgage, and another provider offers you 7% on the same amount, you are likely to save around $9,300…
October 2009
There are over four thousand different types of mortgages offered by hundreds of different mortgage lenders. Its a crowded market and if you are looking for a mortgage, you will have to compare several types of mortgages before you settle with a particular lender. Its a daunting prospect, but at…
Buying a mortgage can be a tedious and time consuming task, especially if you are new to the field. Therefore, here are a few useful tips that you may be able to use to make your mortgage buying experience a better one. 1. Don’t take the first mortgage you are…
Bad lenders are as easy to come by as any lender. Some will try to use a very small interest rate to trick you in to getting a policy that will have a higher insurance policy premium. Most of these less scrupulous lenders will also tie you in to a…
A fixed rate mortgage guarantees a specific interest rate over a period of time. Many people choose fixed rate mortgages and the most popular plans are 3, 4 and 5 years. However, if you wish you can have a fixed rate mortgage for as long as 10 years or as…
Did you know that the average homeowner only files a home insurance claim once every eight to 10 years? This means that while it’s very important to have home insurance, many people are overpaying by having high monthly premiums. This is frequently because when they got their home insurance online…
Assumable mortgage is a mortgage that can be passed on from one owner to another. For example, if you put in an offer for a property and the real estate agent states that there is a mortgage on the house that is assumable, it means that the mortgage can be…
An interest only mortgage is much like a line of credit. It means that you can pay only the interest on the mortgage. This type of mortgage will be greatly useful in order to significantly lower the amount paid monthly. However it also means that the debt will never be…
As opposed to a fixed rate mortgage where all the payments are the same over the mortgage lifetime, adjustable rate mortgage means your payments will vary over time. The mortgage payments will fluctuate according to the interest rates. When the interest rate is adjusted your mortgage payments will be adjusted…
Getting a low interest rate mortgage rate is the dream of every home buyer. However, while you try to negotiate a good rate with your lender, it may be a better idea to get in touch with a mortgage broker who will have more contacts and more influence with the…