These are some principle definitions about the mortgage. I think it is really important and useful for you
1, Remortgage
It is a mortgage that replaces an existing mortgage borrowed for the purpose of purchasing the property. Remortgage deals are often sought to reduce monthly repayments by finding a mortgage with a lower interest rate, or to free up finance from the increased value of the property.
2, First Time Buyers
It is a potential house buyer who has not previously owned a property. As a first time buyer you need to consider which sort of mortgage you should use and how you should repay it. For this reason, most will use a mortgage broker.
3, Bad Credit Mortgages
It allows a borrower with a bad credit rating to take out a mortgage, a bad credit mortgage usually carries higher interest rates.
4, Bad Credit remortgage
It is a way a borrower with a bad credit rating can take out a new mortgage with a new mortgage lender even though they are not moving properties. Often used to free up equity, a bad credit remortgage often carries higher interest rates.
5, Fixed Mortgages
It is also known as a Fixed Rate mortgage means your monthly repayments will remain constant for the fixed mortgage term, regardless of the standard variable interest rate in the market place. The benefit of a fixed rate mortgage is that you will know exactly what your repayments are however if the standard variable rate falls below the level at which you fixed you could end up paying more than the market rate.
6, Flexible Mortgages
It is the facility to make extra payments when you have extra money. You may also be able to reduce monthly repayments or even take repayment holidays, although you will normally have to build up a reserve through making overpayment before this arrangement is allowed. Such mortgage rates are usually offered on a daily interest basis. Flexible mortgages usually provide a loan draw down facility that allows you to borrow extra funds at a set predetermined rate.
7, How can find the best mortgage?
To find a cheap mortgage or the best mortgage rate for you ensure that you shop around. If you apply to one mortgage lender they may decline you for their best rate and suggest you tackle a higher interest rate than initially stated. You should try other mortgage advisors and seek mortgage advice which will allow you to get a good mortgage comparison.
8, Commercial mortgages
It is a mortgage loan issued for the purpose of buying property, and is typically borrowed by companies or organizations to secure business premises.
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