|Mortgage Refinance Information|
What is a Remortgage?
A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property.
More detailed information....
When you remortgage you are ending your old mortgage deal and switching to a new one.
This normally involves switching your lender although you can sometimes change deals with your current provider. If you do remortgage with your current lender it normally involves changing your existing deal.
You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.
It is important to note that there are costs attached to remortgaging such as redemption penalties. These need to be taken into account when you are considering a remortgage.
It is however worth bearing in mind that often the benefits of remortgaging can outweigh the costs involved.
A remortgage deal on your UK house or flat should offer you:
Lower & discounted interest rates
Reduction of your monthly outgoings by up to 50%
The chance to clear your existing mortgage, plus any arrears or other debts Consolidation of existing loans into one easier-to-manage monthly payment Release of equity in your house or flat for a new car, home improvements, luxury holiday etc.
No restrictions on what you do with any extra cash raised The chance to borrow more money and still find you are paying the same or even less than your current mortgage repayment.
You may freely reprint this article provided the author's biography remains intact:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.
Refinancing Online - Tips For Getting a Low Interest Rate When Applying Online
Refinancing online is a great opportunity to find low interest rates. Online mortgage lenders provide information about rates and fees for easy comparisons. However, to find the lowest interest rates, you will need to do more than just surf sites. The following tips will give you the edge in your refinancing search.
To Refinance or not to Refinance -- Here is the Answer
I have written many articles on refinancing a fixed rate mortgage to an adjustable rate mortgage. I have helped people cut as much as $800 off their monthly payments by turning their high fixed rate mortgage loan into a much lower ARM. This may be the time, however, to put the strategy in reverse, especially if your adjustable rate mortgage is coming up on the adjustment period.
Bad Credit Mortgage Loans Online - How Your FICO Credit Score Can Affect Your Loan Approval
When applying for a mortgage loan when you have a bad credit history. There are a few things you should know about your FICO score that will help you know what to expect from mortgage lenders.
Bad Credit Home Financing - Buy a House Even With Poor Credit
Sub prime lenders come in two groups: reasonable and unreasonable. Reasonable sub prime lenders offer mortgage financing to high risk borrowers with slightly increased rates and fees. Unreasonable sub prime lenders charge several extra points and excessively high fees. Only through comparative shopping can you know if a particular lender is offering reasonable or unreasonable rates.
UK Mortages: A Guide Through The Maze
Types of UK Mortgages
Remortgage Serves To Rewind The Reimbursements Of Mortgage
It takes a mighty big effort to secure a home and even mightier to convert it into an earning member. Can a home be converted into an earning member? In contemporary configuration anything is possible! You must be aware of the advantages of mortgage, for you certainly have opted for that before going for a remortgage. Remortgage is a tool that solidifies the benefits that you have compiled as a result of mortgage. Remortgage allows you to apply for a new money lending service, if you are not satisfied with your current loan lender.
Remortgage To Release Equity By Improving Interest Rate
You have been paying on your mortgage for quite sometime and you think that your money serves no purpose except paying for your loan. This you already know. The thing you don't know is that there is latent money in your mortgage that needs to be harvested. Now you probably ruminating between mortgage repayments and personal finances, where is the place for latent money? There certainly is! Unbolt these funds by improving interest rates through remortgage.
Why You Should Not Get Hung Up on the Interest Rates!!
This is what a mortgage can do for you!
Online Mortgage Brokers - What You Might Not Know About Home Loans & The Internet
You may think that applying online for a mortgage is the same as applying with a broker in the 'real world', only more convenient.
A New Choice for Home Financing: Correspondent Lenders
When you begin your search for a new home loan, one of the first things to consider is where you'll get the money. Your basic choices will be mortgage brokers and banks.
7 Credit Improving Steps You Must Take Before Applying For A Mortgage
If you think you have good credit, think again. Chances are there is something on your credit report that can effect your credit rating; this type of news is particularly alarming if you are shopping for a loan or applying for credit. You can save yourself headaches as well as thousands of dollars by implementing the following seven credit improving steps.
How to Secure the Best Mortgage Deal and Save Yourself Thousands in Interest
When you consider that the average home owner will pay out far more in interest over the lifetime of their mortgage than their home actually cost in the first place, you can see why working to secure yourself the best possible mortgage deal now could save you tens of thousands of dollars in interest over the 25 ? 30 year lifetime of your home loan.
Some of the Available Loan Types
There are many mortgage products available on the market today. We can help you find out which one is right for you. Here are the most common options.
Should You Refinance Your Mortgage if Interest Rates Drop?
Mortgage refinancing is when you take a mortgage of a certain interest rate and term length, and change it for a different interest rate and term. If you are looking to refinance your home loan it is usually done when rates have dropped considerably therefore making it advantageous to do so. When I say considerably it usually means a drop of at least 1% from what you're paying now.
Understanding Fixed-rate Mortgages
A fixed-rate mortgage is a mortgage on which the interest rate is set for the term of the loan. Your interest rate stays the same for the term of the mortgage or for a specified period of time. Most people use a fixed-rate mortgage. In fact, about 75 percent of all home mortgages have fixed rates. The main advantage of a fixed-rate mortgage is that you always know exactly how much your mortgage payment will be, and you can plan for it.
Rates May Be Rising: Mortgage And Refinancing Preparation Made Simple For You
Buying a home is probably the single largest investment most people make in a lifetime. By preparing yourself and your credit before a home purchase or refinance, you can ensure a smooth finance process and can potentially save thousands on your loan. Improve your financial profile now so you can take advantage of the low interest rates before they disappear.
Home Equity Loan ? Beware of the lingering lien!
A problem that often arises when people try to refinance their home is the discovery of a pre-existing lien from a previous loan that was not removed by the lending company. The cost of removing a lien and returning the title to the homeowner, a process known as reconveyance, is usually included in fees associated with a home equity loan. When the loan is paid off, the lender is generally responsible for removing the lien, so that public records show the property to be unencumbered. There are various reasons for why the lien isn't always removed ? oversight on the part of the lender, especially during heavy periods of refinancing, is often the problem. Occasionally, the problem can arise when a lender is sold to another company or when that lender goes out of business. No matter what the cause, a lien that hasn't been removed can come back to haunt a homeowner. If a homeowner is in the process of refinancing a home and discovers an old lien that hasn't been removed, the entire refinancing process can be held up for weeks. This can be critical if the owner is trying to lock in an interest rate prior to closing. The problem can also arise when a homeowner is trying to take out another home equity loan, perhaps to facilitate debt consolidation or home improvements. Here are a few things you can do to avoid this problem: Get a copy of your credit report. If there are any errors, particularly errors showing an open line of credit or a home equity loan that has been paid off, contact your lender. Keep your paperwork from all real estate loans, even if you have already paid them off. Then you will have them at hand should you need to demonstrate that you have fulfilled your obligations. If the lien shows up on public records or a credit report, but the original lender says that you have paid it, have them send you a copy of their documentation regarding your reconveyance.As with most issues that come up when financing or refinancing a home, this one can be resolved by remaining diligent and keeping proper paperwork. As always, it's a good idea to check your credit report regularly, particularly if you plan on taking out a loan in the near future.
Home Equity Loan Tax Deductions
Interest - is an amount you pay for the use of borrowed money.
If you as an investor understand the process, you will be able to help more people!
What is a Capped Mortgage?
A capped mortgage is a variable rate mortgage with a capped limit beyond which the rate paid will not exceed.
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