What does a non-conforming mortgage mean?
A non-conforming mortgage is one that does not heed the regulations and guidelines set by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. These two companies...
View ArticleShould you always check for the stability of your lender?
Yes, you would have to more or less, check the stability of your lender in order to ensure that they are duly authorized and would not impose hidden fees on you in the long run. Moreover, there are...
View ArticleCan you apply for two mortgages on just one property?
Yes, you can apply for two mortgages on a single property on certain conditions. Generally, all property owners must sign a mortgage contract, using a property’s cash value as a loan security....
View ArticleCan a co-signer have their name taken off a mortgage contract?
Generally, a co-signer cannot take his or her name off a mortgage contract, but then there are cases when he or she can. To begin with, a mortgage contract, once verified, is binding among the parties...
View ArticleWhat is the usual standard variable mortgage rate?
Banks and other lending firms are different entities and for this matter, there are no single standard variable mortgage rates. The standard variable mortgage rates, or SVR would solely depend on where...
View ArticleAre there closing costs to your mortgage?
Yes, more often than not there are closing costs that come with your mortgage although it is an expense that can be rolled in together with the principal of your loan balance. These closing costs can...
View ArticleWhat is a better option: an interest-only or repayment mortgage?
To choose the best option for you, you should first consider your financial capacity to pay since with a repayment mortgage, your monthly payment is made up of a percentage of your principal loan with...
View ArticleIs confirming your income mandatory when you want to qualify for a mortgage?
Yes, confirming your income is a mandatory process before you can qualify for a loan. Eery lender will do anything to protect their investment and that includes performing background investigations to...
View ArticleWhat are the key differences with capped, discounted and fixed-rate mortgages?
The key differences with capped, discounted and fixed-rate mortgages is that they all offer contrasting financial risks that can affect your repayment costs in various ways. For starters, a capped...
View ArticleWhat are the perks of mortgage cashbacks?
The main perk of a cashback mortgage is the lump sum of money that it will give you at the end of your mortgage term. However, one should also consider that this kind of option might serve the bank’s...
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