Second charge mortgages are only available to homeowners with a mortgage as the loan is secured against their home. This could make them a better option for bigger purchases such as a new kitchen or extension, because you can usually borrow a higher amount over a longer period compared to its unsecured alternative.
To avoid your Second charge mortgage and repayments getting out of hand it is vital you manage the whole process well.
What to Borrow
Before opting for a Second charge mortgage it is advisable to create a budget, working out exactly ... Read more »
Depending on the ways people pay their mortgage, this method of providing a roof over your head can go from being a bargain to being a complete disaster. The crisis that struck the world 7 years ago left a lot of mortgage payers without their homes, but on the other hand it also served as an incentive to others to pay their loans faster. Although for some payers being mortgage free sounds too good to be true, it is actually possible, with elaborate planning and cutting lots of unnecessary costs. Most people are acting too hesitant when they have ... Read more »
If you haven’t refinanced your mortgage ever since interest rates have dropped, you may have still not missed your chance. I still know people who have interest rates on their mortgage that are over 7%, and that just seems like a crazy high amount for a mortgage interest rate to me.
However, you may have just never had a chance to refinance yet. Refinancing may not be for everyone, but it may be for you. I actually know someone who has refinanced their home loan over 5 times, and they’ve only owned their home for a few years. That is ... Read more »
Before you buy your next home, there are several areas that you may want to think about and discuss with whoever you may be buying a house with, unless you are buying the home solo (go you!). Doing this can make the whole, long, and sometimes stressful home buying process go much easier. It’s better to have less surprises pop up because I bet you something will pop up!
Here are some things you may want to think about before you begin your next home buying process:
What’s your credit score like?
Your credit score is very important when it comes ... Read more »
There’s likely no greater financial commitment you will make then signing a mortgage for your home. With soaring home prices, many home loans are typically for $200,000 or more. Your monthly mortgage payment is likely to be your biggest expense each month. Why pay more than you have to? With some research beforehand as well as some negotiating during the home loan process, you can secure the lowest interest rate possible. The difference between even a 5% versus a 4% interest rate can make the difference between tens of thousands of dollars ... Read more »
Very few people are able to pay cash upfront for one of the largest purchases they will ever make. Some don’t even want to pay in cash because sometimes your interest rate on your mortgage can be very low, and if you are strategic with your financing then this may work out in your favor.
Anyway, most people will need to get a mortgage in order to purchase a home and that is one good reason why good credit can be so important. Homes are expensive and this is known.
What types of mortgages are out there?
There are three categories of mortgages ... Read more »
Buying a new-to-you home can be a long process, but if you know the steps then it may make the process a little less stressful for you.
Make a budget for yourself.
Yes, the mortgage company will pre-approve you for a certain amount, but you should make a realistic budget about what you can ACTUALLY afford. The mortgage company usually pre-approves potential homeowners for more than they can actually afford, so keep this in mind.
I remember when I first applied for a mortgage, I think I was making around $25,000 a year, yet I was approved for a $150,000 ... Read more »
In today’s real estate market, many people are finding that their homes aren’t selling very quickly. Your home may be on the market for a few days (a friend recently sold her home within 48 hours of it being listed), whereas others have had their homes listed for months and sometimes years.
You are probably wondering how this happens! There are many things that lead to a home selling quickly, and a home taking forever to be sold.
Below is what you should do if you want to sell your home quickly.
Price your home correctly.
You might try ... Read more »