Mortgage Deals
Always get information about Mortgages from several lenders. Always calculate
before hand how much down payment you can afford, try to find out all the costs
in the proposed mortgage. By knowing the amount of monthly payment
interest rate is not enough. Always ask for information about the same
amount, mortgage term, and type of mortgage loan so that you can compare the
information.
Below is what you should get to know from the various Mortgage lenders;
Rates
-
Ask each mortgage company for a list of its current
Mortgage
interest rates and whether the rates being quoted are the lowest for that
day or week.
-
Ask whether the rate is fixed or adjustable. Keeping in mind the
interest rates for adjustable rate Mortgages go up, generally the monthly
payment follows.
-
If the interest rate quoted is for an adjustable-rate mortgage, ask how your
rate and loan payment will vary.
-
TLM Mortgage
Annual Percentage Rate
(APR) . The APR is not only the interest rate but also broker fees, and
some
other credit charges that you may have to pay, but expressed as a yearly
rate.
Fees
A
Mortgage can often involve many fees, such as underwriting
fees, broker fees, transaction, closing costs. Every lender
should give you an estimate of their fees for each mortgage or
home loan. Remember many of the fees
are negotiable. Some fees are paid when you apply for a
mortgage and others paid at closing.
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Fixed Rate
Mortgage
Variable Rate Mortgage
Discounted Rate
Mortgage
Capped Rate
Mortgage
Cash backs
Flexible
Mortgage
Fixed Rate Mortgage (FRM)
A fixed rate is where it is agreed a fixed interest rate often between 3 and 5
years. This often comes with early redemption clauses.
ADVANTAGES; If the mortgage rate goes up then savings within this period can be
made.
DISADVANTAGES If the rate goes down then you may lose out on lower payments
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Standard Variable Rate Mortgage
(SVRM)
This is where the rate can vary according to the lenders market rates
ADVANTAGES; This can be easily acquired without time frames and redemption
policies
DISADVANTAGES
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Discounted Rate Mortgage
(DRM)
Discount rate is exactly the same as the standard rate mortgage but with a fixed
period of discount
ADVANTAGES; fixed period of discount.
DISADVANTAGES redemption policies can apply within this time frame
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Capped Rate Mortgage (CRM)
A Capped rate mortgage is both a combination of a fixed rate and a standard rate
mortgage except the lender usually has an agreed upper limit if the rates go up
above the limit set by the lender.
ADVANTAGES; If the rates go higher than the agreed upper limit then savings are
made over and above the standard rate .
DISADVANTAGES It is usual for the lender to impose a redemption policy on this
type.
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Cashbacks
(CB)
Cashbacks are generally an incentive paid upfront and usually at a higher rate
of interest
ADVANTAGES; The advantage of this type of mortgage is it can be useful for a new
person on the house property market where the advantage of having cash upfront
immediately outweighs the overall increase in payments.
DISADVANTAGES Are the overall increase in payments over the long term.
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Flexible Mortgage
(FM)
A flexible mortgage is ideal for a person without a fixed income e.g.
self-employed etc.
ADVANTAGES; It allows you to take payment holidays, pay off lump sums,
reduce your payments increase your payments.
DISADVANTAGES it requires the person to have good control over their finances.
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