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are companies our independent experts recommend. We have reviewed
hundreds of companies to find these few. If you are looking for
the best rate, we recommend filling in rate request forms for all
of the following companies. All are NO obligation as always.
Lower My Bills
Easily the best place online to get free quotes for home loans,
refinancing, home equity and debt consolidation. High customer satisfaction.
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Information
 iHome
Mortgages
The fastest free rate quote we've ever seen! A simple, firendly
one page form lets you request a rate quote for a refinance, home
improvement, debt consolidation or mortgage. You choose wether you
want to be contacted.
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Information
Mortgage-Healthcare-Financial
Planning
Get immediate quotes from the nations leading lenders. MHFP tends
to offer some of lowest rates available that we have found.
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Information
Credit
& Debt
Another of the nation's leading leanding organizations. Credit &
Debt offers a simple no hassle online form to request rate quotes.
No obligation or sales calls.
More
Information
Free
Credit Report
Knowing your credit score is important when applying for loans,
credit cards, etc. With it you'll be armed with information that
may help you get a better rate as well as contest why you may have
been turned down. We applaud iCreditReports for offering a free
credit report and score to our visitors. Contrary to belief, checking
your own credit doesn't hurt a thing!
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Information
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ABOUT MORTGAGES
A mortgage is what one owes on his or her home or other real property
that is secured by the property itself. While homeownership and
all the paperwork it involves is extremely complicated, a simple
example is suitable for demonstrating what a mortgage is. If someone
is living is a $250,000 home, and he is able to put down $25,000,
the mortgage is $225,000, which can be broken down into monthly
payments and spread out over the course of 15, 20 or even 30 years.
DEFINITIONS
Annual percentage yield (APY)
The effective, or true, annual rate of return. The APY is the rate
actually earned or paid in one year, taking into account the effect
of compounding. The APY is calculated by taking one plus the periodic
rate and raising it to the number of periods in a year. For example,
a 1% per month rate has an APY of 12.68% (1.01^12 -1).
Adjustable rate mortgage (ARM)
A mortgage having an interest rate which is usually initially lower
than that of a mortgage with a fixed rate but which is adjusted
periodically according to an index (as the cost of funds to the
lender)
MORTGAGE
RATE TRENDS
Current Loan Rates
Prime 4%
Why Refinance?!
There’s More Than One Reason to Refinance Your Home.Refinancing
and consolidating your debt can lower the total amount you pay out
each month. You can even arrange to have extra cash. Here are some
reasons you may want to think about:
- Consolidate your high-interest debt. Consolidate high-interest
debt such as credit cards. Your overall monthly payments will be
reduced and may even be tax deductible.*
- Get extra cash. Refinancing can give you extra cash for the things
you've always wanted to do. Like taking that vacation.
- Home Improvement Loans. Fix the roof, purchase new kitchen cabinets,
or remodel to increase the value of your home.
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TOP 10 MORTGAGE MONEY SAVERS
1.Get a better deal - There are loads of great offers on the market.
Check our Best Rated Companies to the left or the links above. You
can get a good short-term deal and then switch again. Remember that
the ball is in your court - your existing lender will be keen to
keep your business and will probably offer you a good deal as well.
2. Pay off your capital early - If you have an interest-only mortgage,
such as an endowment or ISA mortgage, you could pay off your loan
early by making regular additional repayments against the interest.
3. Get a cheaper standard variable rate - As with mortgages in general,
they can vary from lender to lender so it is worth shopping around
for the best deal.
4. Change to daily interest calculation - Basically, the advantage
of switching to this calculation is that if you make a repayment
it immediately impacts on the interest accruing on your mortgage.
5. Remortgage for a smaller loan to value - Chances are your property
has increased in value since you took out your original loan. So
it could be well worth investigating whether you can get a better
deal - many lenders offer significantly better terms for people
borrowing less than 75% LTV.
6. Reduce your mortgage term - If you feel you can afford to pay
out extra each month, you can reduce the term of your mortgage,
which will save you on interest.
7. Don't take out a Mortgage Indemnity Guarantee (MIG) - A MIG is
a one-off payment made to the lender that protects them if you fail
to keep up your repayments and your home is repossessed. If you
can avoid paying for one, do, it will save you money.
8. Get cheaper household insurance - One of the easiest ways to
reduce your household outgoings is to shop around for your buildings
and contents insurance.
9. Check your mortgage payments are correct - It may seem stupid
but auditors MortgageChek say there's a one in ten chance you could
be paying more than you should. Do the math.
10. Ensure you review your mortgage regularly - Perhaps it isn't
the way you'd choose to spend your free time but regular reviews
and possibly remortgaging will ultimately ensure you pay as little
as possible in interest.
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