Second Mortgage

You don’t want to tell lies in order to get mortgage loans.

However, you could be a self-employed professional with a low income. If so, you don’t make a very attractive prospect to lenders and financial institutions dealing in mortgage loans. But at the same time, you could be in possession of considerable assets with a perfect credit history, as well.

Therefore you may be under the impression that you make the ideal candidate to qualify for a no-ratio mortgage loan. But when you go to a mortgage broker, you find out that you only have a chance of getting a lower interest rate with a stated income loan. Read the rest of this entry »

Main Advantages of the Interest Only Mortgage

1) If the investment vehicle (e.g. Endowment Policy) over achieves and realises at the end of term more than is required to pay off the loan ,the balance is paid to the policy holder free of tax.

2) For the young borrower taking out a long term mortgage the insurance premiums can be relatively low and, as the monthly repayments are made up of interest only, the total monthly repayment may be less than that for the equivalent repayment mortgage. Read the rest of this entry »

The concept is simple to get your mortgage, if you get it right.

Over an agreed period of years the borrower makes regular monthly payments comprising capital and interest so that at the end of the term the mortgage is paid off. The agreed period is often 25 years but this may vary according to the amount the borrower can afford to pay.

As in all loan transactions, the higher the monthly repayments the shorter the period of the loan. Read the rest of this entry »

If you are on the verge of losing your home to foreclosure there are some options you can take if you act now.

It may seem rather gloomy if you are facing the possibility of having the bank foreclose on your home, but it may not be too late. A foreclosure loan could be the perfect answer in a difficult time. Read the rest of this entry »