Think you’re too old to take out a loan and buy property in a new neighbourhood? Think again. You see, individuals 55 years old and up have access to something called reverse mortgages. Also known as equity release mortgages, these loans allow you use your current property’s equity as collateral to get cash to not only buy new property but also fund all sorts emergency expenses. Buying new...
A re-mortgage, does not normally involve moving house or even taking a home equity loan on the house you currently reside in. A re-mortgage is when you have a mortgage out on a property and you decide to switch to a different product. This often involves changing the lender whom you currently hold your mortgage with. This may be because you would like to borrow more money, or it may be because you have...
Millennials, or Generation Y, are people born between the early 80s and the mid 90s. If you listen to the media, you might believe that Millennials are more interested in eating avocado toast than getting a mortgage and saving for their first home. In actual fact, 35% of American Millennials own their own home, according to a study by global bank HSBC. Do you want to join their ranks? Here are...
Whether there is a wedding coming up, any renovation project, upgradation of your business or college tuition to be paid, you can secure a home equity line of credit (HELOC) which will be available with the lowest fees and rates. Introduction to Home Equity line of credit The equity in the home is defined as the market value of the home, subtract the amount you have borrowed. You can borrow...
Getting a mortgage is much harder than it used to be. House prices are astronomically higher than they were 20 years ago, meaning you need a much larger deposit. Lenders are still reluctant to give out such large sums of money unless they can be absolutely certain they will be getting it back, so even with a huge deposit, there’s no guarantee that your bank will lend you the rest. And, the...
A mortgage is the biggest financial commitment a person is likely to have in their life. The amount of money paid over the lifetime for a mortgage is huge, as you would expect in buying a home, so it makes sense to look for ways to reduce the amount of money being spent on the mortgage and the length of time over which the mortgage is paid. For many homeowners, being able to pay off a mortgage early is...
Mortgage brokering just got more interesting with what’s being described as the world's first digital mortgage broker called 'Habito' and Trussle potentially about to shake up the sector. Habito founded by Daniel Hegarty, pitches itself as the U.K.’s “first digital mortgage broker” — though Trussle another new high tech mortgage platform may disagree — and offers a...
Long-term mortgage has become increasingly popular because most people find it difficult to pay off their mortgage instalments. With a long-term mortgage, you can reduce your monthly payment and reduce pressure on your finances. As we all know, a mortgage is a secured loan where the purpose of the loan must be specified to the lender to purchase an asset in terms of property. The asset would be legally...
After the global financial crisis banks and home loan companies tightened their leanding criteria making obtaining a mortgage harder. Now homeowners who don’t search the mortgage market are not only faced with lenders that wont led but mortgage producst with rates that vary according to an individuals circumstamces. To make life even harder your high street bank or lender that you are famir with...
New reports from LMS, revealed that in May, over half of those who decided to re-mortgage did so to take advantage of the good rates available to reduce their mortgage rate.The survey showed that 32 percent were able to lower their monthly costs by about £500, while the percentage of people who were re-mortgaging to increase the amount of their credit grew by 2 percent from 24 percent to 26...
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