Get A Mortgage Loan

Get a​ Mortgage Loan
When you​ have an​ asset such as​ a​ house,​ shop or​ other property,​ it​ can be put into use to​ fulfill your dreams .​
Rather than it​ lies with you​ as​ a​ dead investment,​ it​ is​ best to​ make utmost use if​ it .​
Yes,​ you​ can surely use your home to​ get you​ those extra funds that you​ need by obtaining a​ mortgage loan .​
Let us clearly understand what is​ a​ mortgage loan and the​ different types of​ mortgage loans and their benefits to​ the​ borrower .​
A mortgage loan is​ borrowing a​ sum of​ money .​
For this,​ the​ borrower gives an​ asset as​ a​ pledge to​ the​ lender .​
The asset can be anything that has a​ substantial financial value such as​ a​ car,​ property,​ jewellary,​ equity shares,​ bonds,​ antique art or​ similar .​
The asset is​ evaluated for its worth .​
Then,​ in​ proportion to​ the​ asset value,​ the​ loan amount is​ given to​ the​ borrower .​
For this facility,​ as​ you​ repay the​ loan amount an​ interest is​ charged .​
So you​ need to​ repay loan amount plus interest .​
When you​ have completely and fully repaid the​ entire loan amount with interest (that is​ agreed upon mutually between lender and borrower),​ then the​ lender releases the​ collateral on​ the​ asset .​
You can easily borrow anywhere from 70% up to​ even 100% of​ the​ value of​ the​ asset,​ depending on​ the​ type of​ mortgage loan you​ are looking for and the​ asset you​ are ready to​ pledge .​
The various types of​ mortgage loan - Self cert .​
mortgage,​ buy to​ let mortgage,​ 100% mortgage,​ bad credit and adverse credit mortgage loan and many others .​
Let us understand a​ few of​ these mortgage loans:
Even if​ you​ cannot document your income,​ but you​ have an​ asset to​ pledge,​ you​ are offered a​ self cert .​
mortgage loan .​
All those who are self-employed,​ freelancers,​ contractors,​ artists,​ non-main stream professionals usually cannot document their income on​ a​ regular basis .​
Hence,​ this loan suits them very well .​
When you​ want to​ buy a​ property and do not have the​ money,​ even the​ down payment for it,​ to​ add to​ it,​ you​ do not even have any asset to​ pledge,​ then you​ can avail of​ a​ buy to​ let mortgage loan .​
In this type of​ mortgage loan,​ the​ lender company is​ paying for the​ property and keeping that same property as​ collateral,​ with the​ understanding that the​ property will be rented out .​
From that rental income that the​ property generates,​ the​ repayments towards the​ loan will be made .​
If you​ suffer from a​ poor previous financial record such as​ bad or​ adverse credit,​ CCJ’s,​ defaults,​ arrears,​ multiple debts,​ you​ can still very well get a​ mortgage loan .​
This kind of​ mortgage loan usually requires a​ credit check (irrespective of​ your credit rating) to​ give you​ a​ bad credit mortgage loan .​
Mortgage loan attracts two types of​ interest rates – fixed and adjustable .​
When the​ borrower and creditor mutually decide upon a​ certain rate of​ interest to​ be charged through out the​ loan tenure,​ it​ is​ known as​ fixed rate of​ interest .​
Here,​ the​ main benefit is​ that the​ repayment amount towards the​ loan remains the​ same through out the​ loan period .​
This is​ also called fixed rate mortgage loan .​
As the​ rate of​ interest keeps on​ changing,​ so does the​ interest on​ your mortgage loan .​
Thus,​ the​ repayment amount too changes .​
This is​ an​ adjustable rate .​
the​ main advantage in​ this rate type is​ that when the​ interest rates are low,​ the​ repayment amount also is​ reduced .​
In this way you​ actually end up saving some money .​
For more information and how to​ apply for mortgage loan,​ you​ can visit us online.

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