Check out these Mortgage products:
Mortgage Mistakes - The Top Reasons Your Lender Can Say "no!" And How To Avoid Them Can Help You Identify And Avoid The Primary Sources For Headaches During The Mortgage Process And Declined Mortgage Applications.
Mortgage Loan Tips.
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points - And No Junk Fees!
if i buy a home of $ 350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month????
thanks for the answers :)
well if not 10,000 then wat abt 20 or 25 ?
Answer(s):
Answer by Min
depends on your interest rate
lets say you did a 30 year 5% fixed
1825.19 would be your monthly
http://public.propertylinx.com/custom/templates/mortgage_calculator.asp?price=350000
here's a calculator.. toss around your own numbers.
Answer by Jamestheflame
That depends on your interest rate, insurance, tax, term of the loan and the cost of mortgage insurance (which you will need with so small a down payment).
Answer by hrh_gracee
On a 340,000 mortgage loan (350,000 purchase price with 10,000 down) and an interest rate of 6.25% your estimated monthly payment would be: $ 2,093.44.
That is assuming the 10,000 down was only the down payment and that you have extra $ $ $ for closing costs.
While this would include interest, this does NOT include taxes, homeowners insurance, or PMI (private mortgage insurance) which you undoubtedly will have on a mortgage above an 80% loan to value ratio.
Good luck.
Answer by woodlander
if you have an OK credit, about 2700 with prop. tax and ins.
Mortgage Mistakes
Mortgage Mistakes - The Top Reasons Your Lender Can Say "no!" And How To Avoid Them Can Help You Identify And Avoid The Primary Sources For Headaches During The Mortgage Process And Declined Mortgage Applications.
Mortgage Loan Tips.
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points - And No Junk Fees!
Multiplying Your Profits Through Mortgage Broker Referrals
For Insurance Agents Looking To Develop Better Relationships With Mortgage Brokers. Includes A Book "multiplying Your Profits Through Mortgage Referrals" And The Presentation "what Every Mortgage Professional Needs To Know About Homeowners Insurance"
if i buy a home of $ 350,000 detached / semidetached and 10,000 down payment then how much mortgage will i have to pay every month????
thanks for the answers :)
well if not 10,000 then wat abt 20 or 25 ?
Answer(s):
Answer by Min
depends on your interest rate
lets say you did a 30 year 5% fixed
1825.19 would be your monthly
http://public.propertylinx.com/custom/templates/mortgage_calculator.asp?price=350000
here's a calculator.. toss around your own numbers.
Answer by Jamestheflame
That depends on your interest rate, insurance, tax, term of the loan and the cost of mortgage insurance (which you will need with so small a down payment).
Answer by hrh_gracee
On a 340,000 mortgage loan (350,000 purchase price with 10,000 down) and an interest rate of 6.25% your estimated monthly payment would be: $ 2,093.44.
That is assuming the 10,000 down was only the down payment and that you have extra $ $ $ for closing costs.
While this would include interest, this does NOT include taxes, homeowners insurance, or PMI (private mortgage insurance) which you undoubtedly will have on a mortgage above an 80% loan to value ratio.
Good luck.
Answer by woodlander
if you have an OK credit, about 2700 with prop. tax and ins.
Mortgage Mistakes
Mortgage Mistakes - The Top Reasons Your Lender Can Say "no!" And How To Avoid Them Can Help You Identify And Avoid The Primary Sources For Headaches During The Mortgage Process And Declined Mortgage Applications.
Mortgage Loan Tips.
Why Some People Almost Always Get The Lowest Interest Rate On Their Mortgage - For The Least Points - And No Junk Fees!
Property analysts have confirmed that the real estate bust in Western Australia, has finally reached its end after 5 gruelling years.
Recent data from the Real Estate Institute of WA (REIWA) shows that the housing stock in the region, particularly Perth, has significantly decreased from 18,000 to 11,973 over a one year period. This is also the first time that supply availability has fallen below the 12,000 mark, for the last 5 years.
This improvement is a huge welcome change for the real estate industry, considering that over the course of 5 years, the global financial crisis and other factors have caused the property market to suffer greatly.
According to analysts, these new figures showing the improved supply and demand ratio in the area is a testament as to how the industry has definitely recovered. They believe that factors such as the high cost of rent, rising population growth, and low interest rates have greatly contributed to the revival of the property market.
Presently, the median house price in Perth is $ 469,000, which is relatively lower to the average price 2 years ago - $ 505,000. WA Premier Colin Barnett, expressed that this positive change in the industry likewise shows the growing confidence of people in the state?s economy and future.
Barnett said, ?This is amply demonstrated by the Westpac-Melbourne Institute survey of consumer confidence in WA which rebounded sharply in June 2012, in contrast to a small rise at the national level."
David Airey, REIWA president, in explaining the situation of Perth?s property market, added that the real estate industry bounce back has been further reinforced by the strong WA economy.
Airey said, ?We hit 18,500 listings in April 2010 and it's slowly wound its way down from that, which indicates properties have been sold or withdrawn.?
"We've got rid of all the over-priced, long-listed properties and we're into the start of what could be a new and more buoyant market," he added.
On the other hand, Gavin Hegney, a renowned property analyst, forecasted that Perth will most likely outperform other cities in the real estate scene, as the demand for its property market steadily improves.
Hegney explained that many prospective buyers, particularly those who are first-time home buyers, will make their purchases because of the high cost of rentals.
He said, "The rent relative to the cost of buying is close so they think 'If I have to pay that in rent, I may as well buy?.?
In May, more than 1400 Australians received First Home Owner Grants, reaching the highest number of new buyers for the last 2 years. From January to June this year, the state recorded a 4.1% increase in property sales in comparison to the same period in 2011.
In addition, WA has the highest population growth rate in the country with 2.9%, according to the Australian Bureau of Statistics.
Joe Lenzo, Property Council executive director for WA said, "Demand is picking up, but there's not a lot of product coming back into the market."
?We should be building more homes than we're building at the moment, no question. Otherwise the demand is going to outstrip the supply within a year."
In response to the positive developments in WA?s property scene, The Mortgage Gallery Rockingham is continually working with leading and reputable financial and lending institutions to help first-time home buyers find reasonable home loans in Cockburn, Perth, Kwinana, and Rockingham areas. This is primarily to help all home buyers make the most out of WA?s improving real estate industry and property market.
The Mortgage Gallery Rockingham is an established mortgage broking firm in Perth, in service since 2003. If you wish to speak to any of The Mortgage Gallery Rockingham?s professional mortgage brokers, they can be reached at phone number (08) 9527 1800. You can also view their website at http://www.themortgagegalleryrockingham.com.au/
Mortgage Confidential: What You Need to Know That Your Lender Won't Tell You
Mind Your Own Mortgage: The Wise Homeowner's Guide to Choosing, Managing, and Paying Off Your MortgageEvent on 2012-08-01 07:30:00
i Take The Lead- this group meets every week from 7:30am until 8:30am.
This group meets in Mill Creek, WA.
What is iTTL?
A Referral Groups Organization? Yes….AND so much more!!
i Take The Lead is a different leads group organization. Check us out at www.itakethelead.com, click on the “How we are a different leads group organization” tab and “about us” tab. Beyond that…….
*We offer educational seminars around town. Some examples are: Social Networking- Linked In, Twitter, etc; NLP- what is it?; your Killer Elevator Speech; etc; www.itakethelead.com Events…then Denver for the entire list These are normally FREE.
*Speed Networking gives another opportunity to network. These are FREE (good price). Find out what all the rage is about. Why pay up to when you can join us for FREE!?!?!!?
*Quarterly events - all of our local iTTL leads groups meet once per quarter. (Guests are welcome!)
*Lead With Heart- we give back to the community, food baskets for families in need. We are a company with a heart and we prove that with these great acts.
*Mixers- We periodically hold FREE mixers at various locations around town. Join us for this FREE opportunity to mix & mingle. We normally have new member orientations, theme speakers and GREAT people. These are FREE, FUN and PROFITABLE!!!
Check these out at www.itakethelead.com Events tab.
at Mortgage Advisory Group
15117 Main St # B106
Mill Creek, United States
Event on 2012-08-07 18:45:00
You're Invited to our Free Weekly Investor Seminars!
Every Tuesday night, we will be hosting real estate investment information seminars.
Topics will include an in-depth look at Rent-to-Own, RRSP Mortgages, Refinancing your Home to Invest, and the possibility of passively investing in Land Development.
To register for these seminars please visit our website www.nearlyhome.ca/investorevents.html
Seating is limited, so you must RSVP! Feel free to bring a friend or colleague, and please indicate how many people will be joining you.
6:45 pm - Networking over wine and cheese
7:00 pm - Presentation
The agenda for this session:
• Why invest in Real Estate?
• What is Rent-to-Own?
• When is Rent-to-Own better than other investments?
• How Nearly Home ™ makes investing easy.
• What opportunities are available by investing in a professional land developer
• How you can invest in Real Estate WITHOUT DOING ANY WORK YOURSELF!
You can also RSVP by phone or email by contacting Chris at 613-220-3684
or chris@nearlyhome.ca
Please free to give us a call or send us an email if you have any questions.
at Ottawa, Ontario, Canada
New Edinburgh Park
Ottawa, Canada
A few Mortgage products I can recommend:
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Me again. The other number is for their credit card dept and my lot is 5.4 acres and I guess you have figured out this is TEXAS. I have 2 credit cards with them and 2 others that followed suit when they raised my APR. They are evil. Bless your heart for helping. Jester on MSN messenger.
And Jester and the ferrets on MSN spaces.
I wrote an extensive letter to Chase Bank using the contact information given. After talking to a customer representative I found out they have a special address you must write to and my letter was probably trashed. The address given to me was: Line of Credit - home at 614-422-7171, Chase Home Finance Attn: Research Dept., PO BOX 24714, Columbus, OH 43224-24714. I also inquired about the 27.7 % apr they were charging me as I am a long time customer and have almost always paid on time - have been a day or two late a few times. They are now offering new customers 5.4% APR. They did not have another address to give me but assured me that letter was probably trashed also. They gave me a contact number, 866-550-5705 to get he ?Modification Dept.? and get an address. They also assured me there was a ?help for homeowners? link online but I?ll be derned if I can find it. Their contact internal email is a joke - it logs you out after a minute and you must keep refreshing your home page or you will have to start over. I hate them. I was late on a payment and they told me after 60 days they would repossess. This is Tecas and you cannot repossess a homestead or garnish wages. Thank heavens. But they will lie. After great hardship I made the late payment Friday, called the very evil woman back and gave her the confirmation letter. They called me again Saturday morning at 8:00 to ask me for it again and then again Sunday before noon. After I told them again they tried to collect the payment that was now 6 days late in a very threatening way assuring me they would ruin my credit. They are heartless and relentless. I tried to get another home improvement loan last year after going deeply in debt and sinking 70K in this house in 2002. They valued at 52K - the selling price in 1987 and told me when I complained to drive around and check realtor?s, call them about recently sold homes and provide them with this information. I was told by an estimator my lot alone was worth 250K and their estimate was based on a frame home, no improvements, 2 bdrm 1 bath on a small lot in town. Mine is 3 bedrm, 2 full baths, a laundry room, on a 3.4 acre beautiful lot right on the lake with a view of the water on 3 sides. In my letter I researched homes in my area for sale and the cheapest one was a small frame home on a small lot for sale at 137K. I sent them pictures and listings. It took my poor blood soaked brain and crippled body more than 20 days to compose this letter and they just threw it away. Every month I must decide which of my bills to charge on these high interest credit cards and which of my medications I can do without. It just is awful.
The government should enforced total modification considering the personal expenses,credit card bills, grocessies, medical bills. I have a friend worked with Maxibomero Marketing (exponent of do-it yourself loan modification at 9 per kit) of Chicago Il 60618 7735888776 told me that the lenders is the one delaying the loan modification processing, very disorganized, demand large down payment from homeowner, and does not have direct contact tel,fax,name in charge and email address. Somtimes lenders are in collusio with the outside foreclosed lawyer. The goverment should enforced to hold off the foreclosure at least for a year and enforced that unless is on the 8th missed payment the foreclosure proceeding will start.www.maxibomerofengshuiconsultant.com
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HUD Secretary Shaun Donovan hosts a Google+ Hangout moderated by Zillow to discuss the President's plan that would help millions of homeowners refinance their mortgages and save thousands of dollars a year. July 12, 2012.
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When Warren Buffett spoke about US real estate in the interview with Becky Quick of CNBC a few weeks ago, the market listened. Buffett said ?If I had a way of buying a couple of hundred thousand single family homes and had a way of managing them....i would load up on them?.
Today the Wall Street Journal headlined ?Housing Passes A Milestone? and went on to talk about the new traction that the us real estate market was starting to generate. After 7 months of declines in the S&P/Case Shiller House Price Index, a bottom was reached and prices are now starting to go up. According to Mark Fleming of CoreLogic ?The reduced inventory of unsold homes is key?.
Meanwhile Australia's US real estate expert Phil Gerathy predicts ongoing strength in his prime market,Michigan, ?Our Australian investors have still been buying at prices close to the bottom of the market despite Michigan's economic recovery outpacing the rest of the USA. Foreclosure levels were so high that inventory was flooding the market. Now investors have started to move in including Australians and the market seems to be underwritten,still at very low price levels.?
The Detroit Free Press recently reported ?A drop in home prices and record-low mortgage rates are combining to underpin demand and prompt builders to take on new projects.? Michigan's unemployment rate was 8.5% at the end of May,down from 14.2% in August 2009 according to the US Bureau of Labor Statistics and the Comerica Bank Michigan Economic activity index has soared to well over 100 having been down around 60 in early 2009.
Gerathy says ?The opportunity to invest in USA Foreclosures in quality neighbourhoods is a window that will not remain open forever. Savvy Australian investors have realised that yields of 25% and Capital gains of 50% are just too attractive compared to the crazy low yields and prospects of other investment classes. When we look back at 2012 we will likely realise what a watershed time it has been for US real estate, the chaotic period where everybody is running away but the economic fundamntals shout buy.?
With US mortgage rates at extraordinarily low levels, Freddie Mac say 3.62% for a 30% loan is the norm, it will be a brave man that leaves it until 2013 to buy his US real estate investment property.
About USA Foreclosures Pty Ltd
USA Foreclosures allows Australian investors to easily buy and hold US real estate investments. They offer a full service that involves sourcing,buying,managing maintenance and finding and managing tenants as well as organising sales to liquidate investments and generate profits. The team assembled by MD Phil Gerathy includes men and women of great experience and integrity, creating wealth for Australians with or without self managed super funds.
Written by lottidotti
Payday loan seekers are provided with the service of finding the best payday loan companies by the online resource of PaydayLoansToday.us.
Some of the strongest economies in the world have accumulated so much debt that severe austerity measures have been taken in order to reduce the burden of money owed. This international economic recession did not only hit the governments and financial services industries. Many of those worst affected are those who were less economically well off in the first place and now have bills coming in and mortgages to pay off without the same level of prosperity which they may have had before. It has become increasingly difficult to borrow money from banks even if you have a good credit rating, so where can you go if you have a poor credit history?
The growth of the payday loans online industry in different countries across the globe, from the USA and Canada. The borrowing options for those with bad credit are extremely limited and without options such as payday loans online some people may be forced to do business with unregulated loan sharks who can charge what they like.
Most companies which lend such as banks and building societies are highly regulated especially when it comes to the way in which they are permitted to lend money. Payday loan online companies are not stringently regulated and this is mainly due to the fact that they cannot lend large amounts of money. Sadly for those borrowing payday loans online any amount of money borrowed is likely to feel like a lot. In order to pay such high levels of interest on a loan you need to be desperate.
The issue of interest is critical, and although many states have implemented stringent caps on loan amounts and the total sums repayable, there is no single national guideline that regulates the payday loan. With this in mind, the rates of interest can fluctuate wildly between different states, starting at approximately 237% and moving upwards, depending on the individual lender and the duration of the agreement. It is therefore important that you understand this prior to taking out your loan, and calculate the total amount that would be repayable at the end of your agreement.
According to creditcards.com, the typical annual percentage rate (APR) on a credit card stands at 13%, and The Wall Street Journal reports that bank loans are often repaid at an average limit of 39%. The vast and variable levels of interest applied to payday loans can make it extremely difficult to calculate and to repay the total sum due. Always read and retain any fine print associated with your loan agreement, and make sure that you are fully aware of how much will be due and on what specific date. This should help you to discern whether it is an agreement you can adhere to, and also help you repay it as required.
Need fast cash loans? Welcome to the website: http://paydayloanstoday.us
Some cool Mortgage images:
mortgage
Image by Sean MacEntee
mortgage
mortgage
Image by 401K 2012
Mortgage ahead -road sign
Mortgage
Image by Rev Dan Catt
This is the Mortgage taken out on our house and three others in 1894, just a short 112 years ago. At about 200 UK pounds a house, that's quite a bargin.
In some ways I'm happy to say the value has gone up a bit since then.
Bankruptcy Mortgage Book
How To Get A Home Mortgage After A Bankruptcy Or Other Major Credit Challenge.
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 | Financial, Commercial, and Mortgage Mathematics and Their Applications by...
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Additional Security Fee
An Additional Security Fee (Mortgage Indemnity Guarantee policy) is the fee taken to get an insurance policy that will cover your lender so that if you default on payments, he will not suffer any loss. You have to pay the Additional Security Fee and the premium along with your mortgage advance. Although you are paying the premium, remember that this policy is for the protection of your lender and not for you.
Administration Fee
The administration fee is the amount charged by your lender to start working on the documentation part of your mortgage application. It includes the home valuation fee as well. The administration fee will not be refunded even if your valuation is not done or if your application has been rejected.
Adverse Credit
Adverse credit occurs when you have a history of bad credit, bankruptcy, CCJ, or loan arrears. Adverse credit can also be called as bad credit, poor credit, or it can be said that you have a low credit score.
Agricultural Restriction
An agricultural restriction is a rule which will restrict you from holding a property if your occupation is in any way related to agriculture.
Annual Percentage Rate
The Annual Percentage Rate is the rate at which you borrow money from lender. It includes all the initial fees and ongoing costs that you will pay throughout the mortgage term. As the name suggests, annual percentage rate, or APR, is the cost of a mortgage quoted in a yearly rate. The annual percentage rate is a good way to compare the offers from different lenders based on the annual cost of each loan.
Apportionment
Apportionment, or sharing out, is a facility that allows you to divide the responsibility for utilities, property taxes, etc. with the buyer or the seller of the property when you are either selling or buying the property.
Arrears
Arrears happen when you default on your mortgage payment or any other type of debt payment. If you have arrears on the record of your current mortgage, you will face problems when you want to look at remortgaging or getting a new mortgage.
Arrangement Fee
An arrangement fee is the amount you have to pay your lender to access particular mortgage deals. While searching for a fixed rate, cash back, or discounted rate mortgage, you will pay this fee at the time that you submit your application, it must be added to the loan upon completion of the term, or it will be deducted from the loan on completion.
Assignment
An assignment is the document transferring the lease of the property or rights of ownership from a seller to a buyer. It may be an endowment policy to the building society in connection with a mortgage.
ASU
ASU is Accident, Sickness, and Unemployment insurance which covers your mortgage payments in case of an accident, a sickness, or involuntary unemployment.
Auction
An auction is the public sale of a property to the person who quotes highest bid. The highest bidder has to sign a binding contract that ensures that he do all valuations, searches, etc. before the sale of the property.
Authority to Inspect the Register
An authority to inspect the register document is a document fro the legal or registered owner of a property allowing the solicitor of the purchaser to get information concerning the property.
Banker Draft
A banker draft is a way to make a payment. In appearance, it is the same as a cheque, but in effect it is a cash payment. The money is given to the bank, and they issue a cheque that is certified to be good for the given amount.
Base Rate Tracker
Base rate tracker is a type of mortgage in which the interest rate is variable, but it is set at a premium (above) the Bank of England Base Rate for a period or for the full term of the mortgage. The best part about this type of mortgage is that it has little or no redemption penalty. This means that by making overpayments, you will be able to save money on interest by paying off your mortgage earlier than the agreed upon date on the initial mortgage contract.
Booking Fee
A booking fee or arrangement fee is charged when applying for a fixed or a capped rate loan. Booking fees are normally non-refundable if charged upfront, but sometimes the booking fee is added to your final mortgage payment.
Bridging Loan
A bridging loan is useful when you want to purchase a property, but your ability to do so is contingent upon the sale of your old property. This is a very short term loan that is paid off as soon as your old property sells. Speak with a loan adviser before taking out a bridging loan to be sure it is the best option for you.
Broker Fee
A broker fee is paid to your debt advisor or other intermediary that assists you in finding the best mortgage or loan deal for your circumstances. BSAThe BSA, or the Building Societies Association, is a group that works in the interest of member societies.
Building Societies Commission
The Building Societies Commission is a regulatory organization for Building Societies. This commission reports to the Treasury Ministers.
Building Society
A Building Society is a mutual organization that gives you money to buy or remortgage residential properties. This money comes from individual investors who are paid interest on their funds. A portion of building society funds is also raised through commercial money markets.
Buy-to-Let
When you purchase a property for the sole purpose of renting it out, you can apply for a buy-to-let mortgage. The payments for this type of mortgage are calculated based on your projected rental income instead of your personal income.
Capital and Interest
Your monthly mortgage payments consist of two parts: the interest and the capital. The interest payment is a payment on the interest balance of your loan. The capital payment is a payment on the amount that you borrowed.
Capital Raising
Capital raising generally means remortgaging for a higher amount than you need to pay off your existing mortgage in order to use the excess money for other personal financial uses.
Capped Rate
A capped interest rate is an interest rate that will not exceed the standard variable interest rate for a set period of time (from 1-5 years) that is decided by you and your lender. If the standard variable rate falls below your capped rate, your interest rate will decrease accordingly.
Cash Back
Cash back is the amount you receive when you take out a mortgage, the amount may be fixed or a percentage of your mortgage amount.
CCJ
CCJ stands for County Court Judgment. This is a decision reached by a county court against you when you have defaulted on your debt payments. If you clear the debt in question in a set amount of time, a satisfactory note will be put on your credit report to signify that the debt is taken care of.
Centralized Lender
A centralized lender is a mortgage lender that does not rely on a branch network for distribution. Centralized lending is now provided by several building societies. These societies operate separately from their branch networks, and they rely exclusively on mortgages from intermediary sources.
Charge
A charge is any interest on a mortgage to which a freehold or leasehold property can be held.
Charge Certificate
A charge certificate is a certificate issued by HM Land Registry to you with your name as the registered title for a given property. This certificate contains details of restrictions, mortgages, and other interests. It has three different parts: a charges register, a property register, and a proprietorship register. If there is no mortgage on the property, it is called a Land Certificate, and it is issued to the registered proprietor.
Chattels
Chattels are moveable items in your house such as furniture or your personal possessions.Chief RentChief rent is paid by the owner of a freehold property. This is the same as the ground rent that is paid by a leaseholder.
CML
Council of Mortgage Lenders
Completion
Completion is a term that explains that you have become the owner of your house after finishing the formalities of the sale and the purchase of the property.
Conditional Insurance
When you take out a fixed or discounted rate mortgage, your lender may try to persuade you to take out an insurance policy that will cover any missed payments due to an illness, an accident, or unemployment.
Contract
A contract is a legally binding sale agreement. There are two identical copies signed by both the buyer and the seller, and each party keeps a copy for their records. Once both parties have signed the contract, they are committed to the terms of the agreement.
Conveyance
A conveyance is the deed by which a freehold, unregistered title is transferred. The deed is called an assignment if your property is unregistered or leasehold. If the property is registered, the deed is called a transfer.
Conveyancing
Conveyancing is the legal process by which the buying and the selling of a property take place.
Covenant
A covenant is an assurance given in a deed.Credit ScoringCredit scoring is the procedure by which a lender evaluates your paying capacity before offering a loan or mortgage.
Credit Search
A credit search is done by a lender and a credit bureau to search your records for CCJs and other indicators of bad credit.
Debt Consolidation
Debt consolidation is the process by which you take out a loan or mortgage in order to pay off a number of high interest debts. By doing this, you will only need to make one payment each month, and you will save significantly on interest charges.
Deed
A deed is a legal document that denotes the owner of a given property. You can transfer a title to both freehold and leasehold with a deed.
Deposit
A deposit is the amount of money you put down toward buying a property.
Disbursements
Disbursements are any amount you pay to solicitors against land registry fees, searches, faxes etc.
Discounted Rate
Discounted rates are used to attract new borrowers to lenders by setting the interest rate below the standard variable rate for a guaranteed period of time. If you repay the entire discounted rate mortgage within the first few years, your lender may charge you early redemption penalties.
Early Redemption Penalty
An early redemption penalty is charged by your lender if you do a part or full payment of your mortgage amount before the completion of your mortgage term. These penalties will also be charged if you decide to remortgage and move your mortgage to a new lender. Early redemption penalties mainly apply to fixed rate, discounted rate, and cash back mortgages.
Easement
Easement is the right held by one property owner to make use of the land of another for a limited purpose, like a right of passage.
Endowment Mortgage
An endowment mortgage is an interest only mortgage supported by an endowment policy. During the term of the mortgage you will pay only interest to the lender, and your premiums are alternately paid into an endowment policy which will mature over the term of your mortgage. The endowment policy is designed to pay off your mortgage as well as act as life insurance. However, you cannot depend on this amount to be sufficient to pay all of your debt.
Endowment
There are different types of endowments, but here an endowment is a life insurance policy that will pay off your interest only mortgage.
Equity
Equity is the amount of value in your home. It is the value of your home less the amount left to be repaid on your mortgage.
Equity Release
Equity release is a means of releasing money from the value of your home either in a lump sum or in monthly installments. This money may be used for home improvements, debt consolidation, or other large expenses.
Exchange of Contracts
Exchange of contracts occurs when the buyer and the seller of a property sign and swap the contracts which detail the property, the price, the date, and the terms of the arrangement. When the contracts are signed, they become legally binding, and legal action can be taken against anyone who breaks the contract.
Existing Liabilities
Existing liabilities are all financial commitments outside of your mortgage. Existing liabilities may include bank loans, credit card debt, maintenance payments, etc.
First Time Buyers (FTB or FTP)
A first time buyer is one who has never owned property before.
Fixed Rate
A fixed rate is when you pay a fixed amount of interest on a loan for a fixed period of time. Lenders provide fixed rate loans for short periods of time (three-six months) all the way up to 25 years. Early redemption penalties apply if you pay off the mortgage before the end of the fixed rate term.
Flexible Scheme
A flexible scheme is a new way of calculating mortgage interest charges. Lenders calculate interest on a daily basis instead of on an annual basis. The new interest rates will only affect the remaining balance of the mortgage. By making regular overpayments, you can repay the loan faster thereby saving a lot on interest charges.
Fixture
A fixture is an item attached to your property, and therefore it is legally part of the property.
Freehold
Freehold means that you have ownership of a property for an indefinite period of time. This is in contrast to leasehold which means that the property is only under your control for a limited period of time.
Further Advance
A further advance is an add-on loan to your existing mortgage from your existing lender. The money from a further advance may be used for home improvements, to purchase a freehold property, or for personal purposes such as debt consolidation.
Guarantor
A guarantor is a person who guarantees the lender that the borrower is eligible for a loan or mortgage. If the borrower fails to make payments, the guarantor will make them.
Gazumping
Gazumping occurs when a seller agrees to sell a property to one person, and they proceed to decline that offer in favor of a higher one.
Ground Rent
Ground rent is the amount which a leaseholder needs to pay to the freeholder each year.
Home Buyer Report
A home buyer report is made by a lender after a mortgage valuation has been done and before the full survey takes place in order to give the borrower a complete understanding of the property they are thinking of buying.
Income Multipliers
An income multiplier is a type of calculation that a lender will use to calculate the amount a borrower can receive. The most common income multiplier is three times a single income or two and a half times joint income. The lender will choose the one that yields the higher figure. Lenders are more flexible if your LTV ratio is low.
Income Protection Insurance
With income protection insurance, your monthly payments will be covered in the case of illness, accident, or unemployment.
Intermediary
An intermediary is a mediator who finds the best mortgage for you, and they also arrange the mortgage for you on your behalf.
Land Registry Fee
A land registry fee is paid when you want to register your ownership of a property or when you want to change the registered title of a property.
Leasehold
Unlike freehold in which a property is owned, leasehold is when a property is owned, but the land that it is built on is not owned by the leaseholder. Their control of the property is only for a set number of years.
Licensed Conveyancer
A licensed conveyancer is like a solicitor in that they specialize in the legalities of buying and selling property.
Local Authority Search
A local authority search is made by the solicitor of the people that plan to buy your property. They check to make sure there are no planned developments on the property such as roads or buildings. They will check for any planning permissions or enforcement notices posted on your property.
LTV
LTV, or loan to value, is the percentage derived from dividing the value of your property by the amount of your mortgage. A low LTV is much less risky for lenders than a 100% LTV.
Loan Consolidation
Loan consolidation happens when a loan is taken out to repay another loan with a higher interest rate or to repay a number of high interest debts. Loan consolidation is often achieved through remortgaging.
MIG
A MIG, or mortgage indemnity guarantee, is insurance one takes out to cover their lender in the case that their property is repossessed, and the lender is unable to get their money back. A MIG is paid for upon completion of a mortgage.
MIRAS
MIRAS, or mortgage interest relief at source, was a tax relief given to those with mortgages, but this relief was abolished by the government in April of 2000.
Mortgage
A mortgage is a loan that allows someone to buy a property. The property itself is the security for the loan.
Mortgagee
The mortgagee is the company or organization that finances your mortgage.
Mortgagor
The mortgagor is the person taking out the mortgage to buy a property.
MPPI
MPPI, or mortgage payment protection insurance, is insurance one takes out in the case of an accident, an illness, or involuntary unemployment that would render them incapable of making their monthly mortgage payment.
MRP
MRP, or mortgage repayment protection, is insurance taken out through your lender during the term of your loan.
Negative Equity
Negative equity occurs when the money you owe to your mortgage lender is greater than the value of your property. People find themselves in negative equity situations when they take out 100% LTV mortgages.
Overpayment
Overpayment happens when you pay more than the regular monthly payment on your mortgage so that the mortgage is repaid before the end of the mortgage term. With overpayments, you can save money on interest, but you may also be charged an early redemption penalty.Payment HolidayA payment holiday is a period during which you make no mortgagee payments. This is normally available with flexible mortgages only.
PEP
A PEP, or personal equity plan, allows you to own shares or unit trusts without paying any taxes.
Personal Pension
A personal pension provides for your financial needs after retirement. You make structured payments into your pension savings during your working years. Often, some of this money may be taken out to pay off your mortgage liabilities.
Portability
Portability is a term used to describe a mortgage that can be transferred between properties when you move from one house to another.
Redemption
Redemption is when you pay off your mortgage, when you remortgage, or when you move to a new house.
Remittance Fee
A remittance fee is charged by a lender for sending the amount of a mortgage to your solicitor.
Remortgage
A remortgage is a loan taken out from a new lender or a loan renegotiated with your existing lender to pay off your existing mortgage. This is done to decrease the interest rate you are paying or to raise extra capital.
Repayment Mortgages
A repayment mortgage is when part of your monthly payment goes toward the interest and another part of the payment goes toward the principal. This is also known as a capital and interest mortgage. If payments are made regularly, the entire sum of the loan will be repaid by the end of the term.
Retention
Retention is the amount that your lender keeps pending until certain conditions of your mortgage are met.
Repossession
Repossession is a legal process by which your mortgaged property comes under the control of your lender due to incomplete repayment. Your property may then be sold at public auction.
Right to Buy
Right to buy means that you are legally able to purchase the property at a discounted rate if you have been a tenant for a long enough period of time.
Sealing Fee
A sealing fee is an amount charged by your lender when you repay your mortgage.
Self Certification of Income
Self certification of income means that you confirm how much you earn, and the lender does not need proof of your income from a third party. Self Certification is useful for self employed people or contract workers.
Shared Ownership
Shared ownership is a scheme devised by housing associations that requires you to pay mortgage payments on the part of a property that you own while you also make monthly rent payments on the portion of the property owned by the building association.
Solicitors
Solicitors are the people who give legal advice and carry out all the legal work for mortgage and remortgage transactions.Stamp Duty Stamp duty is a tax paid to the government on the purchase of a property.
SVR
The SVR, or standard variable rate, is the base rate of the lender. It is subject to change at any time depending on the lender. The SVR will fluctuate based on the Bank of England Base Rate.
Structural Survey
A structural survey is the thorough inspection of a property carried out by a professional surveyor.
Tenure
Tenure means the type of rights a person has over a property or the land it stands on. Tenure could be freehold or leasehold, for example.
Term
The term of a mortgage is the number of years over which you plan to pay your mortgage off.
Tie-in Period
A tie-in period is an amount of time for which you are bound to a lender. Tie-in periods often exist with special mortgage deals like fixed, capped, or discounted rates. If you move your mortgage to a different lender during this period, you are subject to an early redemption fee.
Title Deeds
A title deed is a legal document that validates the ownership of your property. A title deed proves your true and legal right to your property.
Transfer Deed
A transfer deed is a legal deed used for transferring the ownership of your property to a buyer.
Unencumbered
The term unencumbered means that you own your property outright with no mortgages or loans against it.
Valuation
A property valuation is a survey conducted on a property by a qualified surveyor in order to assess the value of the property. This valuation is done on behalf of your lender so that they are able to confirm the value of your property.
Variable Rate
A variable rate means that your interest rate may change from month to month thereby causing your payments to fluctuate monthly.
Vendor
A vendor is the person from whom you purchase a property.
If you would like help finding the best mortgage or remortgage deal for you, take a moment and fill out this simple questionnaire. Once you have do so, a SimplyFinance representative will contact you to introduce you to a mortgage broker that will search to find the best mortgage deal for you.
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