Understanding Prepayment Penalties for a Refinance

A lender generally imposes a prepayment penalty, if the borrower chooses to refinance a mortgage product. A prepayment penalty is a technique to discourage early reimbursements of mortgage. A premature payment deprives a lender of interests accrued over a long term. Cost of a Prepayment A lender generally allows...

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Mortgage Schemes for Key Workers

A key worker is a professional employed in specific public sector jobs like health, education and emergency services. The government has initiated several mortgage schemes for the purpose of engaging and retaining key workers in areas where housing costs are high. These programmes make available homes to these essential...

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Benefits of Online Mortgage Calculators

A mortgage calculator is a software tool that makes possible computation of mortgage payments in a convenient manner. The Internet and software technology have made available the application to all borrowers. An individual may use the application to figure out the payments for a mortgage product without having to...

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How to Prevent Repossession of Your Home

Since a mortgage is a loan secured against your home, the lender making available the loan may repossess your home, if you default in the monthly repayments. If you are not eligible for any kind of governmental assistance or you do not possess a policy for mortgage repayment insurance,...

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Benefits of Working with a Manufactured Home Loan Expert

It is difficult to acquire regular mortgages for a mobile home, also known as a manufactured or a modular home. Mortgages that are suitable for traditional homes are not so for mobile homes. An unscrupulous or inexperienced broker may drag you through the entire loan application process and charge...

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A Guide to Equity Release Schemes

You may need to tap into your wealth or equity built up in your home, should you have to deal with essential expenses like medical bills, college expenses for your children or repairs on your home. There are equity release plans for the purpose. You may avail of the...

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Frequently Asked Questions on Fixed Rate Mortgages

 A borrower may avail of a fixed rate mortgage, which necessitates a payment of a fixed interest every month for a fixed period. The fluctuations of the base rate determined by the Bank of England or the standard variable rate proffered by the lender do not affect the monthly...

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Features of Credit Score Estimators

Your credit score is a key factor in determining the terms of your mortgage and how much you can borrow. A decent score can avail of a home loan at low interest rates. You may use a credit score estimator to obtain a reasonably good guess about your credit...

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Benefits and Drawbacks of Home Improvement Loans

A home-owner may make use of a home improvement loan to facilitate the renovation of the property. In the real estate market, the condition of the property determines its worth. It is crucial to recognise the nature of home improvement loans to distinguish the benefits and shortcomings of the...

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The Features of Flexible Loan Products

A flexible mortgage allows you the choice of making mortgage payments according to your convenience. The changing job scenario with short-term contract employment and the grant of performance related bonus has increased the appeal of these mortgages. You may step up or reduce your repayments to suit your circumstances....

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Deciding on an Escrow Account after a Refinance

The monthly mortgage dues of a borrower consist of homeowner’s insurance, private mortgage insurance and property taxes apart from the mortgage principal and interest payments. Lenders require that you pay the insurance amounts and the property taxes in an escrow account held by a third party called escrow services....

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HUD Guidelines for Manufactured Homes

A set of directives prepared by the Department of Housing and Urban Development (HUD) may have served to enhance the quality of manufactured homes. Homebuyers are quite willing to apply for mortgages for this highly affordable quality of housing. Here are the key guiding principles put forward by the...

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