Mortgage Loans - Best For You

May 19, 2010 - PRLog -- Mortgage Loans are termed as loans taken against a real property. Documents are acquired in mortgage loans which stands as a security that mortgage Loans have been granted.
Mortgage Loans can be applied either by a person who wants to buy a house or can be applied by a builder. A mortgage loan can be taken through a bank or an agency that helps you to apply for a loan.

However, mortgage loans depend on a lot of factors like the loan amount, tenure, rate of interest, method of paying the loan amount and lot of other factors. Mortgage Loans can be classified into two sections Fixed Rate Mortgage ( FRM ) Adjustable Rate Mortgage (ARM) Also known as variable rate mortgage or floating rate. Mortgage Loan taken to purchase a property, the borrowers are asked to pay a certain amount towards down payment that will be considered as a cost to the Mortgage Loan Company.

The down payment given is known as a portion of the value of the property and the value ratio is known as LTV. In a mortgage loan, the important factor that includes risk is the loan to the value ratio or LTV. The appropriate way to pay a mortgage loan is by making regular payments of the principal amount and the interest for a set term. This is termed as repayment mortgage in UK.

Other methods of payment are also available. One of them is where the capital is not repaid throughout the term and this payment is called as interest only mortgage. Such a mortgage loan is common in UK and is normally associated with a regular investment plan. In UK, a mortgage loan is disbursed only when a chartered surveyor takes a visit to the property and checks if the property can cover up for the mortgage amount. The chartered surveyor charges a valuation fee for this visit.

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Self-Cert Mortgage

Mortgage lenders usually ask for income proofs to know how much salary they get according to which the lenders decide on the amount the borrower can get. Self-cert mortgage or self-certification mortgage is a mortgage loan that is provided to employed or self – employed people who have the money to pay a deposit for the property they choose to buy but do not have the supported documents to show their income.

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